The Hindu Business Line : Financial assessment report likely by end-Nov

The Committee on Financial Sector Assessment (CFSA), set up by the Finance Ministry and the Reserve Bank of India, is likely to submit its report to the Finance Minister, Mr P. Chidambaram, by end-November this year.

One of the likely recommendations of the report is the construction of a national housing price index and another for housing start-ups. The RBI Governor, Dr D. Subbarao, had earlier this month said that the Government and the RBI would soon be bringing out a comprehensive report of the CFSA.

In September 2006, the Government had constituted this committee to undertake a self-assessment of financial sector stability and development.

This committee has carried out the assessment using the Handbook on Financial Sector Assessment, brought out by the World Bank and the IMF in September 2005 as the base, as also any other pertinent document for this purpose. It was asked to attempt a comprehensive and objective assessment of Indian financial sector including its development, efficiency, competitiveness and prudential aspects.

The CFSA, had in August 2007, constituted four advisory panels respectively for financial stability assessment and stress testing; financial regulation and supervision; institutions and market structure and transparency standards.

The reports on financial sector reforms that are already with the Government include those of the Patil Committee on bond markets, the Percy Mistry Committee on Making Mumbai an international financial centre and the Raghuram Rajan Committee on Financial Sector reforms.

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