India

FM chairs the 20th Meeting of the Financial Stability and Development Council

New Delhi: The 20th Meeting of the Financial Stability and Development Council was held under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman.

The FSDC Meeting was also attended by Anurag Thakur, MoS (Finance and Corporate Affairs), Shaktikanta Das, Governor, Reserve Bank of India (RBI); Subhash Chandra Garg, Finance Secretary and Secretary, Department of Economic Affairs; Rajiv Kumar, Secretary, Department of Financial Services; Injeti Srinivas, Secretary, Ministry of Corporate Affairs; Ajay Bhushan Pandey, Revenue Secretary; Dr. Krishnamurthy V. Subramanian, Chief Economic Adviser, Ministry of Finance; Ajay Tyagi, Chairman, Securities and Exchange Board of India; Subhash Chandra Khuntia, Chairman, Insurance Regulatory and Development Authority of India(IRDAI); Dr. M. S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India (IBBI); Ravi Mital, Additional Secretary, Department of Financial Services and in charge, Chairperson, Pension Fund Regulatory and Development Authority(PFRDA); and other senior officers of the Government of India and the Financial Sector Regulators.

The Meeting reviewed the current global and domestic economic situation and financial stability issues including, inter-alia, those concerning Banking and NBFCs.

The Council was also apprised of the progress made towards setting-up of the Financial Data Management Centre (FDMC) to facilitate integrated data aggregation and analysis as also a Computer Emergency Response Team (CERT-Fin) towards strengthening the cyber security framework for the financial sector.

The Council also held consultations to obtain inputs/ suggestions of the financial sector regulators for the Budget. All the regulators presented their proposals for the Union Budget 2019-20.

The Council also took note of the activities undertaken by the FSDC Sub-Committee Chaired by Governor, RBI and the action taken by Members on the decisions taken in earlier Meetings of the Council.

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