The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, presided over the 26th meeting of the Financial Stability and Development Council (FSDC) today in Mumbai.
The Council discussed a number of topics, including the economy’s early warning indicators and our preparedness for them, enhancing the effectiveness of the current financial and credit information systems, issues of governance and management in systemically important financial institutions, including financial market infrastructures, strengthening the financial sector’s cyber security framework, Common KYC for all financial services and related matters, and an update on account agreements.
The requirement for all government departments to use the services of Registered Valuers, the financing of the power sector, the strategic importance of GIFT IFSC in New Aatmanirbhar Bharat, and inter-regulatory issues of GIFT-IFSC.
It was underlined that the government and authorities must continuously evaluate the financial sector’s risks, financial conditions, and market developments in order to take prompt, appropriate action to reduce any vulnerabilities and strengthen financial stability.
The Council also noted the preparations for the financial sector concerns that will be discussed during India’s 2023 G20 Presidency.
Dr. Bhagwat Kishanrao Karad, MoS (Finance); Shri Pankaj Chaudhary, MoS (Finance); Shri Shaktikanta Das, Governor, Reserve Bank of India; Dr. T. V. Somanathan, Finance Secretary and Secretary, Department of Expenditure, Ministry of Finance; Shri Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance; Shri Tarun Bajaj, Secretary, Department of Revenue, Ministry of Finance; Shri Sanjay Malhotra, Secretary, Department of Financial Services, Ministry of Finance; Dr. V. Anantha Nageswaran, Chief Economic Adviser, Ministry of Finance; Ms. Madhabi Puri Buch, Chairperson, Securities and Exchange Board of India; Shri Debasish Panda, Chairperson, Insurance Regulatory and Development Authority of India; Shri Supratim Bandyopadhyay, Chairperson, Pension Fund Regulatory and Development Authority; Shri Ravi Mittal, Chairperson, Insolvency and Bankruptcy Board of India, Shri Injeti Srinivas, Chairperson, International Financial Services Centres Authority, and the Secretary of the FSDC, Department of Economic Affairs, Ministry of Finance attended the meeting.