India seeks financial plan by IMF and World Bank

India has voluntarily sought a comprehensive Financial Sector Assessment Programme by International Monetary Fund and World Bank, Union Finance Minister Pranab Mukherjee said in Kolkata on Monday asserting the country has been found to be compliant with such international financial standards.

"We have voluntarily sought a full-fledged Financial Sector Assessment Programme to be conducted by the IMF and the World Bank", Mukherjee told the International Financial Conference at the Indian Institute of Management in Kolkata.

FSAP was an international evaluation exercise where the financial sector was assessed by institutions like IMF and World Bank, he said.

Mukherjee said India did a self-assessment of its financial sector in 2009.

According to the finance minister, India was compliant with most of the internationally accepted standards in banking, securities markets and insurance sector.

The global crisis had offered an opportunity to review the approach to financial sector reforms, Mukherjee said.

"The government is committed to take the reforms process forward", he said. He also the government had also decided to set up a Financial Sector Legislative Reforms Commission to rewrite and clean up the financial sector laws.