The Financial Stability Board (FSB) is currently engaged in addressing issues relating to systemically important financial institutions (SIFIs) and resolution regimes, improving over-the-counter (OTC) derivatives markets, developing macroprudential frameworks and expanding and refining the regulatory perimeter (hedge funds, securitization, credit rating agencies). 3. We in India have been spared the worst impact of the crisis.
This should by no means imply that we have no compulsion to reform. In a globalizing world, we are vulnerable to instability anywhere in the global financial system. Indian banks should, therefore, be adapting the best global practices in risk management to the Indian context. Moreover, as a nation, we aspire to double digit and inclusive growth.