The Committee on Financial Sector Assessment Constitutes Four Advisory Panels

The Committee on Financial Sector Assessment (CFSA) constituted by the Government of India in consultation with the Reserve Bank of India (Chairman: Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India; Co-Chair: Dr. D. Subbarao, Finance Secretary, Government of India) has been undertaking a comprehensive assessment of the Indian financial sector focusing upon stability and development. An integral component of the exercise would be a detailed assessment of the status and implementation of various international financial standards and codes.

2. To assist the Committee in the process of assessment, the CFSA has decided to constitute four Advisory Panels respectively for the assessment of Financial Stability Assessment and Stress Testing, Financial Regulation and Supervision, Institutions and Market Structure and Transparency Standards. The Advisory Panels will prepare separate Reports covering each of the above aspects. The Advisory Panels comprise of non-official experts with domain knowledge in respective areas and officials with similar expertise represented as Special Invitees. The panels would have the option of co-opting as special invitees any other experts as they deem fit.

3. The Advisory Panel on Financial Stability Assessment and Stress Testing (Chairman: Shri M.B.N Rao, Chairman and Managing Director, Canara Bank) would conduct macro prudential surveillance (including system level stress testing) to assess the soundness and stability of financial system and suggest measures for strengthening the financial structure and system and its development in a medium-term perspective.

4. The other three panels would identify and consider the relevant standards and codes as currently prescribed and applicable to different areas, evaluate their implementation in the Indian context, identify gaps in adherence to respective standards and suggest possible roadmaps towards compliance in a medium-term perspective. The Advisory Panel on Financial Regulation and Supervision (Chairman: Shri M.S. Verma, Former Chairman, State Bank of India) would consider the relevant standards and codes applicable for financial regulation and supervision pertaining to the banking sector, securities markets and insurance; the Advisory Panel on Institutions and Market Structure (Chairman: Shri C.M. Vasudev, Former Secretary , Economic Affairs, Government of India) would consider the relevant standards and codes applicable to bankruptcy laws, accounting and auditing, payment and settlement systems and corporate governance policies; and the Advisory Panel on Transparency Standards (Chairman: Shri Nitin Desai, Former Under-Secretary-General, United Nations) would consider the relevant standards and codes applicable for transparency in monetary, financial, fiscal and data dissemination policies.

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