[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109416-en":3,"doc-seo-109416-105":31,"detail-sidebar-cat-0-en-105":92},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},109416,4398048950312,"Violet","https://ap-avatar.wpscdn.com/avatar/400002538284de19e3c?_k=1778320343897328908",8,"Research & Report","India - Financial Sector Assessment - June 2025","June 2025 India Financial Sector Assessment summarizes findings from an IMF-World Bank FSAP update mission to India in 2024, following the original FSAP conducted in 2017. The report presents the mission’s main conclusions, highlights priority financial development issues, and sets out policy recommendations. It covers risk analysis, the oversight and macroprudential framework, supervision and regulation across banking, capital markets, and insurance, and addresses cybersecurity and financial integrity (AML/CFT). It also reviews crisis management and resolution capacity, plus key development areas including inclusion, fintech, state roles, credit infrastructure, MSME finance, capital market development, and climate-focused finance.","Public Disclosure Authorized Public Disclosure Authorized  \nFOR OFFICIAL USE ONLY  \nINDIA  \nFINANCIAL SECTOR ASSESSMENT  \nJune 2025  \nPrepared By Finance, Competitiveness, and Investment Global Department, World Bank and South Asia Regional Vice Presidency  \nA joint World Bank-IMF team led by Eva Gutierrez, World Bank, and Hiroko Houra, IMF, visited India in 2024 to update the findings of the Financial Sector Assessment Program (FSAP), which took place in 2017. This report summarizes the main findings of the mission, identifies key financial development issues, and provides policy recommendations.  \nOfficial Use Only  \nCONTENTS  \nEXECUTIVE SUMMARY __________________________________________________________________________ 6  \nBACKGROUND _________________________________________________________________________________ 13  \nA. Macroeconomic Background _________________________________________________________________ 13  \nB. Financial Sector Overview_____________________________________________________________________ 13  \nC. Macro-financial Developments _______________________________________________________________ 15  \nRISK ANALYSIS _________________________________________________________________________________ 17  \nD. Authorities’ views_____________________________________________________________________________ 20  \nFINANCIAL SECTOR OVERSIGHT ______________________________________________________________20  \nA. Systemic Risk Oversight and Macroprudential Framework____________________________________ 20  \nB. Common themes of Supervision and Regulation______________________________________________ 21  \nC. Banking Sector Supervision and Regulation___________________________________________________ 22  \nD. Capital Markets Regulation and Supervision__________________________________________________ 23  \nE. Insurance Sector Regulation and Supervision _________________________________________________ 24  \nF. Cybersecurity Risk_____________________________________________________________________________ 25  \nG. Financial integrity (AML/CFT) _________________________________________________________________ 25  \nH. Authorities’ views_____________________________________________________________________________ 26  \nFINANCIAL CRISIS MANAGEMENT AND RESOLUTION_______________________________________26  \nA. Systemic Liquidity Management ______________________________________________________________ 26  \nB. Crisis Management and Financial Safety Net__________________________________________________ 27  \nC. Authorities’ views _____________________________________________________________________________ 28  \nFINANCIAL SECTOR DEVELOPMENT __________________________________________________________28  \nA. Financial Inclusion ____________________________________________________________________________ 29  \nB. Fintech and Digital Financial Services _________________________________________________________ 30  \nC. Role of the State ______________________________________________________________________________ 32  \nD. Credit Infrastructure __________________________________________________________________________ 34  \nE. MSME Access to Finance______________________________________________________________________ 37  \nF. Capital Market Development__________________________________________________________________ 38  \nG. Finance for Climate Action____________________________________________________________________ 41  \nH. Authorities’ views_____________________________________________________________________________ 42  \nANNEXES  \nAnnex I. Selected Figures ________________________________________________________________________ 44  \nAnnex II. Selected Tables ________________________________________________________________________ 54  \n2  \nOfficial Use Only  \nPreface  \nAn IMF and a World Bank team visited India during Marchand June 2024 to conduct an assessment under the Financial Sector Assessment Program (FSAP). The mission concluded virtually on Octo","cbCaivWUbTbEl3Vt","https://ap.wps.com/l/cbCaivWUbTbEl3Vt","pdf",2049537,4,1,59,"English","en",105,"# Executive Summary\n# Background\n## Macroeconomic Background\n## Financial Sector Overview\n## Macro-financial Developments\n# Risk Analysis\n# Financial Sector Oversight\n## Systemic Risk Oversight and Macroprudential Framework\n## Common Themes of Supervision and Regulation\n## Banking Sector Supervision and Regulation\n## Capital Markets Regulation and Supervision\n## Insurance Sector Regulation and Supervision\n## Cybersecurity Risk\n## Financial Integrity (AML/CFT)\n# Financial Crisis Management and Resolution\n## Systemic Liquidity Management\n## Crisis Management and Financial Safety Net\n# Financial Sector Development\n## Financial Inclusion\n## Fintech and Digital Financial Services\n## Role of the State\n## Credit Infrastructure\n## MSME Access to Finance\n## Capital Market Development\n## Finance for Climate Action\n# Annexes\n## Selected Figures\n## Selected Tables","[{\"question\":\"What assessment was conducted for India and what is its timeline?\",\"answer\":\"An FSAP update assessment was conducted under the Financial Sector Assessment Program. The mission visited India in 2024 and concluded virtually on October 4, 2024, with the assessment published in June 2025.\"},{\"question\":\"Which areas of financial sector oversight are covered in the report?\",\"answer\":\"The report covers systemic risk oversight and the macroprudential framework, supervision and regulation across banking, capital markets, and insurance, as well as themes such as cybersecurity risk and financial integrity (AML/CFT).\"},{\"question\":\"What financial sector development topics are highlighted?\",\"answer\":\"It addresses financial inclusion, fintech and digital financial services, the role of the state, credit infrastructure, MSME access to finance, capital market development, and finance for climate action.\"}]","India - Financial Sector Assessment - June 2025 | PDF",1784479550,149,{"code":4,"msg":32,"data":33},"ok",{"site_id":25,"language":24,"slug":34,"title":13,"keywords":35,"description":14,"schema_data":36,"social_meta":87,"head_meta":89,"extra_data":91,"updated_unix":29},"india-financial-sector-assessment-june-2025","",{"@graph":37,"@context":86},[38,54,69],{"@type":39,"itemListElement":40},"BreadcrumbList",[41,45,49,52],{"item":42,"name":43,"@type":44,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":46,"name":47,"@type":44,"position":48},"https://docshare.wps.com/document/","Document",2,{"item":50,"name":12,"@type":44,"position":51},"https://docshare.wps.com/document/research-report/",3,{"item":53,"name":13,"@type":44,"position":20},"https://docshare.wps.com/document/india-financial-sector-assessment-june-2025/109416/",{"url":53,"name":13,"@type":55,"author":56,"headline":13,"publisher":58,"fileFormat":61,"inLanguage":24,"description":14,"dateModified":62,"datePublished":63,"encodingFormat":61,"isAccessibleForFree":64,"interactionStatistic":65},"DigitalDocument",{"name":9,"@type":57},"Person",{"url":42,"name":59,"@type":60},"DocShare","Organization","application/pdf","2026-07-29","2026-07-19",true,{"@type":66,"interactionType":67,"userInteractionCount":20},"InteractionCounter",{"@type":68},"ViewAction",{"@type":70,"mainEntity":71},"FAQPage",[72,78,82],{"name":73,"@type":74,"acceptedAnswer":75},"What assessment was conducted for India and what is its timeline?","Question",{"text":76,"@type":77},"An FSAP update assessment was conducted under the Financial Sector Assessment Program. The mission visited India in 2024 and concluded virtually on October 4, 2024, with the assessment published in June 2025.","Answer",{"name":79,"@type":74,"acceptedAnswer":80},"Which areas of financial sector oversight are covered in the report?",{"text":81,"@type":77},"The report covers systemic risk oversight and the macroprudential framework, supervision and regulation across banking, capital markets, and insurance, as well as themes such as cybersecurity risk and financial integrity (AML/CFT).",{"name":83,"@type":74,"acceptedAnswer":84},"What financial sector development topics are highlighted?",{"text":85,"@type":77},"It addresses financial inclusion, fintech and digital financial services, the role of the state, credit infrastructure, MSME access to finance, capital market development, and finance for climate action.","https://schema.org",{"og:url":53,"og:type":88,"og:title":13,"og:site_name":59,"og:description":14},"article",{"robots":90,"canonical":53},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":93},[94,98,102,106,111,116,121,124,129,132,136],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":95,"show_sort_weight":96,"slug":97},"Story & Novel",90,"story-novel",{"id":48,"doc_module":4,"doc_module_name":47,"category_name":99,"show_sort_weight":100,"slug":101},"Literature",80,"literature",{"id":20,"doc_module":4,"doc_module_name":47,"category_name":103,"show_sort_weight":104,"slug":105},"Exam",70,"exam",{"id":107,"doc_module":4,"doc_module_name":47,"category_name":108,"show_sort_weight":109,"slug":110},5,"Comic",60,"comic",{"id":112,"doc_module":4,"doc_module_name":47,"category_name":113,"show_sort_weight":114,"slug":115},6,"Technology",50,"technology",{"id":117,"doc_module":4,"doc_module_name":47,"category_name":118,"show_sort_weight":119,"slug":120},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":47,"category_name":12,"show_sort_weight":122,"slug":123},30,"research-report",{"id":125,"doc_module":4,"doc_module_name":47,"category_name":126,"show_sort_weight":127,"slug":128},9,"Religion & Spirituality",20,"religion-spirituality",{"id":127,"doc_module":4,"doc_module_name":47,"category_name":130,"show_sort_weight":127,"slug":131},"World Cup","world-cup",{"id":133,"doc_module":4,"doc_module_name":47,"category_name":134,"show_sort_weight":133,"slug":135},10,"Lifestyle","lifestyle",{"id":137,"doc_module":4,"doc_module_name":47,"category_name":138,"show_sort_weight":107,"slug":139},19,"General","general"]