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PYQ 1200 Q/A Part - 1
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Kerala PSC Indian Economy Book Study Materials Page 411
Book's First Pagee rit ar et in ndia 14.31 IMF-World Bank Financial Stability Assessment BCBS®20and IMF21, India is actively participating Programme (FSAP) was conducted for India in in post-crisis reforms of the international January 2013 which assessed Indian financial regulatory and supervisory framework under system in relation to the highest international the aegis of the G20. India remains committed standards. The assessment recognises that the to adoption of international standards and best Indian financial system remained largely stable practices, in a phased manner and calibrated to on account of a sound regulatory and supervisory local conditions, wherever necessary, as it is a regime. However, the assessment identifies some country characterised by complex and diverse socio-political and economic conditions. gaps in18 — (i) International and domestic supervisory finAnciAl Action tAsk force (fAtf) information sharing and co-operation; The FATF is an inter-governmental policy making (ii) Consolidated supervision of financial body that has a ministerial mandate to establish conglomerates; and international standards for combating money (iii) Some limits on the de jure independence laundering and terrorist financing. India joined the of the regulators (RBI and IRDA). FATF as its 34th member in June 2010. At present, Despite having reservations on few issues, the FATF has 36 members comprising 34 countries overall the Indian authorities expect the FSAP and two organisations (European Union and Gulf exercise to play a significant role in shaping India’s Cooperation Council). post-crisis initiatives to strengthen the regulatory 20. The BCBS (Basel Committee on Banking Supervision) and supervisory architecture based on the provides a forum for regular cooperation on banking supervisory matters. The Committee’s members, today, evolving international consensus as well as careful come from 27 nations including India. The present Chairman of the Committee is Stefan Ingves, Governor of examination of their relevance in the India- Sveriges Riksbank. It is located at the Bank for International specific context. As a member of the FSB19 , Settlements (BIS) in Basel, Switzerland. Its objective is to enhance understanding of key 18. RBI, 16th January, 2013 supervisory issues and improve the quality of banking 19. The FSB was established in April 2009 as the successor supervision worldwide. It seeks to do so by exchanging to the Financial Stability Forum (FSF). The FSF was information on national supervisory issues, approaches founded in 1999 by the G–7 for enhancing cooperation and techniques, with a view to promoting common among the various national and international supervisory understanding. At times, the Committee uses this common bodies and international financial institutions so as to understanding to develop guidelines and supervisory promote sta ility in the international financial system. n standards in areas where they are considered desirable. November 2008, the leaders of the G–20 countries called In this regard, the Committee is best known for its for a larger membership of the FSF. As announced in the international standards on Capital Adequacy (i.e Basel I, G–20 Leaders Summit of April 2009, the expanded FSF Basel II and Basel III, by now); the Core Principles for was re-established as the Financial Stability Board (FSB) Effective Banking Supervision; and the Concordat on with a roadened mandate to promote financial sta ility. cross-border banking supervision. The FSB is chaired by Mark Carney, Governor of the Bank The Committee encourages contacts and cooperation of Canada. Its secretariat is located in Basel, Switzerland, among its members and other banking supervisory and hosted by the Bank for International Settlements. authorities. It circulates to supervisors throughout the Its objective is to coordinate at the international level world both published and unpublished papers providing the wor of national financial authorities and international guidance on banking supervisory matters. Contacts have standard setting bodies and to develop and promote the been further strengthened by an International Conference implementation of effective regulatory, supervisory and of Banking Supervisors (ICBS) which takes place every other financial sector policies. Source: Financial Stability two years. Source: BIS, Basel, Switzerlad]. Board Secretariat, Bank for International Settlements, 21. See Chapter 16 for detailed discussion on the IMF Basel , Switzerland]. (International Monetary Fund).