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IMF Asks Indian Banks to Adopt Global Norms for Credit Risk Mgmt
Business Standard
|March 25, 2025
UN financial agency report released by RBI calls for enhanced supervision of individual loans
Indian banks need to strengthen credit risk management by adopting International Financial Reporting Standards (IFRS 9) and enhancing supervision of individual loans, collateral valuation, and connected borrower groups, the International Monetary Fund (IMF) said in its Financial System Stability Assessment (FSSA) report. The Reserve Bank of India (RBI) released the report's findings on Monday.
The Financial Sector Assessment Program (FSAP) is a joint initiative of the IMF and World Bank. It conducts a comprehensive and in-depth analysis of a country's financial sector. The last FSAP for India was conducted in 2017, and the FSSA report was published by the IMF on December 21, 2017.
According to the RBI, the recommendations in the India FSAP mainly focus on further improving the structure and functioning of the financial system, and many of the detailed recommendations align with the concerned authorities and regulators' own developmental plans.
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