Key issues of financial stability are touched upon over here. First, the difficulties of defining financial stability as an operational and workable proposition are addressed. Second, the enhanced scope and coverage of the Committee on Financial Sector Assessment in dealing with issues concerning it are explained. Third, India’s overall approach to financial stability, which stood in good stead through several crises, is briefly discussed. Finally, a decisive approach in following up on the comprehensive set of the CFSA’s recommendations is suggested.