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India welcomes IMF & World Bank FSSA & FSA Reports

By TIOL News Service

NEW DELHI, DEC 22, 2017: IMF and WB yesterday released the Financial System Stability Assessment (FSSA) and Financial Sector Assessment (FSA) respectively on their websites. India welcomes assessment of the Indian financial system undertaken by the joint IMF-World Bank team conforming to the highest international standards. The Second comprehensive FSAP has now been successfully conducted for India in 2017.

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.

The FSAP assessment acknowledges that India has recorded strong growth in recent years in both economic activity and financial assets with size of the financial system remaining broadly stable in terms of GDP at about 136 per cent. Increased diversification, commercial orientation, and technology-driven inclusion have supported growth in the financial industry, backed up with improved legal, regulatory, and supervisory frameworks. The FSAP report acknowledges many efforts by Indian authorities like tackling Non-Performing Assets (NPAs), recent recapitalization measures for banks and introduction of special resolution regime, formalization of National Pension System (NPS) and making the pension sector regulator statutory, passing of Insolvency and Bankruptcy Code and setting up of Insolvency and Bankruptcy Board of India (IBBI), to name a few. It appreciates initiatives such as ‘no frills’ account (under Jan DhanYojana), promoting digitization, introduction of unique biometric identification number (AADHAR), currency exchange initiative etc. It also recognizes the improved inter-agency co-operation since the establishment of Financial Stability and Development Council (FSDC), supported by its Sub-Committee and four technical groups and progress in setting up of Financial Data Management Centre (FDMC).

FSAP assessment acknowledges that RBI has made substantial progress in strengthening banking supervision by introduction of risk-based supervision in 2013 through a comprehensive and forward-looking Supervisory Program for Assessment of Risk and Capital (SPARC), domestic and cross-border cooperation arrangements, Asset Quality Review (AQR) and the strengthening of regulations in 2015 leading to improved distressed asset recognition, to name a few. The Basel III framework and other international norms have been implemented or are being phased in, including stricter regulations on large exposures. It also notes RBI establishing a new Enforcement Department and revising the Prompt Corrective Action (PCA) framework that incorporates more prudent risk-tolerance thresholds. The Report notes that risks in shadow banking sector in India were limited and that risks in non-bank financial subsectors appear contained but continue to warrant close monitoring.


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