IMF, World Bank commend RBI for strengthening banking supervision

The International Monetary Fund (IMF) and World Bank have commended the Reserve Bank of India (RBI) for its remarkable progress in strengthening banking supervision.

The IMF and World Bank released two separate reports of the 2017 India Financial Sector Assessment Programme (FSAP) in December last year in which they said, the regulation by the Central bank has improved in recent years.

In continuation, the IMF and the World Bank on Friday released two detailed assessment reports relating to the 2017 India FSAP.

In a statement, market regulator SEBI noted that the report on the observance of Basel Core Principles commends the Reserve Bank for the remarkable progress in strengthening banking supervision since the last programme.

The report also noted that the supervision and regulation by the Reserve Bank remained strong and has improved in recent years.

It also acknowledged that banking reforms have helped usher in an era of transparency and improved discipline and will go a long way in resolving the problem of bad loans in India.

--ANI