Financial Sector Assessment Programme (FSAP)

The Financial Sector Assessment Program (FSAP), established in 1999, is a comprehensive and in-depth analysis of a country’s financial sector by IMF. It is a key instrument of the Fund’s surveillance and provides input to the Article IV consultation.

India’s FSAP was initially completed by IMF/World Bank in 2000-2001 but it was not made public, as it was part of the Pilot FSAP assessment of 12 countries. The Committee on Financial Sector Assessment (CFSA) – co-chaired by Deputy Governor RBI and Secretary (EA) – completed a self-assessment in 2009. Subsequently, in May 2010, India requested IMF/World Bank to conduct a full-fledged Financial Sector Assessment Programme (FSAP). Accordingly, India’s FSAP was conducted during 2011.

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