Money & Banking

Regulators, FinMin to work towards preserving financial stability: FSDC

?OUR BUREAU Mumbai | Updated on June 18, 2020

The sub-committee of the Financial Stability and Development Council (FSDC) unanimously resolved that every participating regulator and the Finance Ministry will do whatever is necessary to revive the economy and preserve financial stability.

Given the prevailing extraordinary circumstances due to the pandemic, all regulators and the ministry will continue to remain alert and watchful of the emerging challengesand interact more frequently, both formally and informally, saidthe Reserve Bank of India (RBI) in a statement.

At the 24th meeting of the FSDC sub-committee, which was chaired by RBI Governor Shaktikanta Das, the proposal to set up of an Inter Regulatory Technical Group on Fintech (IRTG-Fintech) and the National Strategy on Financial Education (NSFE) 2020-2025 were discussed.

The FSDC, which reviewed the major developments in global and domestic economy and financial markets that impinge upon financial stability, also deliberated upon the status and developments under the Insolvency and Bankruptcy Code (IBC)2016 and the working of credit rating agencies.

Besides the RBI top brass, the meeting was attended, among others, by Ajay Bhushan Pandey, Finance Secretary and Secretary, Department of Revenue; Ajay Prakash Sawhney, Secretary, Ministry of Electronics and Information Technology; Debasish Panda, Secretary, Department of Financial Services; Rajesh Verma, Secretary, Ministry of Corporate Affairs; Tarun Bajaj, Secretary, Department of Economic Affairs; Krishnamurthy Subramanian, Chief Economic Adviser; Ajay Tyagi, Chairman, Securities and Exchange Board of India; and Subhash Chandra Khuntia, Chairman, Insurance Regulatory and Development Authority of India (IRDAI).

Published on June 18, 2020

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