IMF and World Bank commends RBI for its remarkable progress

New Delhi, January 21: The two, International Monetary Fund (IMF) and World Bank have commended Reserve Bank of India (RBI) for its remarkable progress in strengthening banking supervision. They have opined that the regulation by the RBI has improved in recent years.

IMF and World Bank have released two Detailed Assessment Reports relating to the 2017 India Financial Sector Assessment Programme (FSAP). In continuation, the IMF and the World Bank yesterday released two detailed assessment reports (DARs) relating to the 2017 India FSAP.

 

The Report providing ‘Detailed Assessment of Observance—Basel Core Principles for Effective Banking Supervision’ and the Report providing ‘Detailed Assessment of Observance of Clearing Corporation of India Limited (CCIL) Central Counter Party (CCP) and Trade Repository (TR)’, said that Most of the Basel III framework (and related guidance) has been implemented and cooperation arrangements, both domestically and cross-border, are now firmly in place.

India has welcomed these Assessment Reports by the joint IMF-World Bank team conforming to the highest international standards. 

The Financial Sector Assessment Program (FSAP), a joint program of the International Monetary Fund (IMF) and the World Bank (WB involved in developing countries and region only), undertakes a comprehensive and in-depth analysis of a country’s financial sector. Since September 2010, it is being undertaken in 25 jurisdictions (now 29), with systemically important financial sectors, including India, every five years. Last FSAP for India was conducted in 2011-12 and the report published by IMF on Jan 15, 2013.