The Government of India and the Reserve Bank constituted a committee on Financial Sector Assessment (CFSA) in September 2006 to undertake a comprehensive assessment of India's financial sector. The aim of this review was to evaluate financial sector stability and development, identify the gaps in compliance with various international financial standards and codes, and suggest corrective policy measures. As part of the assessments, the Advisory Panels evaluated the current standards and codes, identified gaps in adherence and suggested possible policy actions and measures, taking a medium-term perspective. The Reports were finalized after peer review by external experts of international repute. The peer reviews of the Advisory Panel Reports, along with the Panel's response, have been included in respective volumes. The CFSA, drawing on the assessments and recommendations of the Advisory Panel Reports, has presented its Overview Report (Volume II). Volume I is an Executive Summary of the assessments and recommendations by the CFSA.
To assist the Committee, four Advisory Panels provided independent reports on: * Financial Stability Assessment and Stress Testing, covering macro-prudential analysis and stress-testing of the financial sector (Volume III). * Financial Regulation and Supervision, covering banking regulation and supervision, securities market regulation and insurance regulation standards (Volume IV). * Institutions and Market Structure, covering standards regarding accounting and auditing, corporate governance, payment and settlement systems and effective insolvency and creditor rights systems (Volume V). * Transparency Standards, covering standards regarding monetary and financial policies, fiscal transparency and data dissemination (Volume VI).