The first pillar is essentially concerned with stability assessment. Taking into account the legal, regulatory and supervisory architecture in India, the CFSA felt the need for involving, and associating closely, all the major regulatory institutions in the financial sector – the RBI, SEBI and IRDA, besides the relevant government departments.
Direct official involvement at different levels brought about enormous responsibility, ownership, and commitment to the process, ensuring constructive pragmatism when faced with contentious issues.