India also participated in the Financial Sector Self Assessment Programme (FSAP), a joint initiative of the International Monetary Fund and the World Bank that attempts to assess the stability and resilience of financial systems in member countries.
Based on India’s experience in the FSAP and subsequent self-assessments, the Government of India, in consultation with the Reserve Bank, constituted the Committee on Financial Sector Assessment (CFSA) to undertake a comprehensive self assessment of India’s financial sector, the report of which was submitted in 2009. 9.