The scrutiny of the country’s financial sector will take place under the Financial Sector Assessment Program (FSAP) established by the two multilateral lenders in 1999 after the Asian crisis. India has voluntarily asked the International Monetary Fund and the World Bank to conduct a comprehensive and in-depth analysis of the country’s financial sector. India was among the first to undertake the pilot FSAP in 2000-01. In addition, India also undertook a comprehensive self-assessment of International Financial Standards and Codes during 2002 and undertook a review in 2005.
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