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The FSDC (Financial Stability Development Council) sub-committee headed by RBI Governor, Dr D. Subbarao, on Tuesday reviewed the recent developments in the global macroeconomic and financial sectors, with special focus on their potential systemic risks for India.
Besides this, the sub-committee, at its third meeting, also deliberated upon issues concerning inter-regulatory co-ordination and regulatory gaps.
While resolving to strengthen the mechanism for inter-regulatory coordination, the sub-committee also discussed development of repos in corporate bonds and introduction of infrastructure debt funds (IDFs).
Advisory services
Also, issues relating to regulation of investment advisory services and the conflict of interest in the distribution of financial products were discussed, said an official release issued by the RBI after the FSDC sub-committee meeting held here on Tuesday.
The sub-committee also focussed on issues relating to the progress so far in achieving financial inclusion and highlighted the need for a coordinated national strategy for financial literacy, the release added.
Besides Dr D. Subbarao, the meeting was also attended by the Finance Secretary, Mr R. S. Gujral, the Economic Affairs Secretary, Mr R. Gopalan, the Financial Services Secretary, Mr D. K. Mittal, the SEBI Chairman, Mr U. K. Sinha, the PFRDA Chairman, Mr Yogesh Agarwal, and the Chief Economic Advisor to the Finance Ministry, Dr Kaushik Basu.
The FSDC was set up last year to deal with, among other tings, financial stability and financial sector development.
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