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The Financial Stability and Development Council (FSDC), on Friday, emphasised the need for a continuous vigil by Government and all regulators on the financial conditions.
The Council met under the chairpersonship of Finance Minister Nirmala Sitharaman and was attended by RBI Governor Shaktikanta Das, TV Somanathan, Finance Secretary, Ajay Seth, Economic Affairs, Secretary, Tarun Bajaj, Revenue Secretary, Debasish Panda, Financial Services Secretary, Rajesh Verma, Corporate Affairs Secretary, and Krishnamurthy V Subramanian Chief Economic Adviser.
Attendees
Other attendees included Ajay Tyagi, Chairperson, Securities and Exchange Board of India, Supratim Bandyopadhyay, Chairperson, Pension Fund Regulatory and Development Authority, MS Sahoo, Chairperson, Insolvency and Bankruptcy Board of India, Injeti Srinivas, Chairperson, International Financial Services Centres Authority and TL Alamelu, Member - Non-Life, Insurance and Regulatory Development Authority of India. The 24th meeting deliberated on various mandates of the FSDC like financial stability, financial sector development, inter-regulatory coordination, financial literacy, financial inclusion, and macro prudential supervision of the economy including the functioning of large financial conglomerates, the Finance Ministry said in a statement.
It also discussed issues relating to management of stressed assets, strengthening institutional mechanism for financial stability analysis, framework for resolution of financial institutions and issues related to IBC, banks’ exposure to various sectors and government, data sharing mechanisms of government authorities, internationalisation of Indian rupee and pension sector related issues.
This was the first meeting of the high-level panel in the current financial year. The meeting was held in the backdrop of a record 20.1 per cent GDP growth in the April-June quarter, helped by a very weak base of last year and a sharp rebound in the manufacturing and services sectors in spite of a devastating second wave of Covid-19 cases.
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