Financial Stability and Development Council sub-panel reviews macroeconomic, financial issues

A meeting of the sub-committee of the Financial Stability and Development Council (FSDC-SC) was held on Monday at the Reserve Bank of India. Reserve Bank of India Governor Shaktikanta Das chaired the meeting.

They reviewed major global and domestic macroeconomic and financial developments, and issues of inter-regulatory coordination relating to the Indian financial sector activities of various technical groups under its purview.

It resolved to remain vigilant against any build-up in vulnerabilities in all segments of the Indian financial system as well as in the broader economy, especially from global spillovers in a dynamic and uncertain world, and to preserve financial system stability for attaining strong, sustainable and inclusive growth.

The meeting was attended by the members of the sub-committee -- TV Somanathan, Finance Secretary and Secretary, Department of Expenditure; Vivek Joshi, Secretary,

Department of Financial Services; Sanjay Malhotra, Secretary, Department of Revenue; Manoj Govil, Secretary, Ministry of Corporate Affairs; Madhabi Puri Buch, Chairperson, Securities and Exchange Board of India (SEBI); Debasish Panda, Chairman, Insurance Regulatory and Development Authority of India (IRDAI);

Among others are Deepak Mohanty, Chairman, Pension Fund Regulatory and Development Authority (PFRDA); K. Rajaraman, Chairman, International Financial Services Centres Authority (IFSCA), Ravi Mittal, Chairman, Insolvency and Bankruptcy Board of India (IBBI); Deputy Governors of the Reserve Bank - Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Shankar, Swaminathan J. and Executive Director of the Reserve Bank - O. P. Mall.

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