Kolkata: India has voluntarily sought a comprehensive financial sector assessment programme (FSAP) by IMF and World Bank, union finance minister Pranab Mukherjee said on Monday in Kolkata, asserting the country has been found to be compliant with such international financial standards.
“We have voluntarily sought a full-fledged financial sector assessment programme to be conducted by the IMF and the World Bank,” Mukherjee told the International Financial Conference at IIM-Calcutta.
He said that FSAP was an international evaluation exercise where the financial sector was assessed by institutions like IMF and World Bank.
Mukherjee said that India did a self-assessment of its financial sector in 2009.
The finance minister said that it was found that India was compliant with most of the internationally accepted standards in banking, securities markets and insurance sector.
Mukherjee said that the global crisis had offered an opportunity to review the approach to financial sector reforms.
“The government is committed to take the reforms process forward,” he said.
He also said the government had also decided to set up a Financial Sector Legislative Reforms Commission to rewrite and clean up the financial sector laws.