Explanation:

The two main Reports of the 2017 India Financial Sector Assessment Programme (FSAP) – the Financial System Stability Assessment (FSSA) and Financial Sector Assessment (FSA), were recently released by the International Monetary Fund (IMF) and the World Bank. The FSAP report acknowledges many efforts by Indian authorities like tackling Non- Performing Assets (NPAs), recent recapitalization measures for banks  and  introduction of special resolution regime, formalization of National Pension System (NPS) and making the pensionsector regulator statutory, passing of Insolvency and Bankruptcy Code and setting up of Insolvency and Bankruptcy Board of India (IBBI), to name a few. Based on its findings, FSAPs produce recommendations of a micro- and macro- prudential nature, tailored to country-specific circumstances. It appreciates initiatives such as ‘no frills’ account (under Jan Dhan Yojana), promoting digitization, introduction of unique biometric identification number (AADHAR), currency exchange initiative etc. Established in 1999, is a comprehensive and in-depth assessment of a country’s financial sector. It is a joint program of the International Monetary Fund and the World Bank. FSAPs analyze the resilience of the financial sector, the quality of the regulatory and supervisory framework, and the capacity to manage and resolve financial crises