Major financial reforms in India, particularly those initiated in the 1990s based on the recommendations of committees like the Narasimham Committee, aimed at liberalizing the financial sector. A key aspect of this liberalization was the move away from an administered interest rate regime (where interest rates were fixed by the RBI) towards a market-determined interest rate system. This involved gradually dismantling the controls on interest rates on deposits and loans, allowing banks and financial institutions more freedom to set rates based on market forces. A) Administered rate of interest was the system before the reforms; the reforms recommended moving away from it. C) Financial reforms aimed at reducing directed credit (like priority sector lending targets) in some areas and improving the efficiency of lending, not necessarily increasing loans to non-profitable sectors. The focus was on financial viability. D) Since (C) is incorrect, (D) is also incorrect.