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FSDC: Maintain constant vigil on important financial institutions

We are building focus on technology and digital: FM

The 25th meeting of the Financial Stability and Development Council (FSDC) was held in Mumbai on Tuesday, under the chairpersonship of Union Finance Minister Nirmala Sitharaman. The FM is on a two-day post-Budget outreach visit to the city, where she is meeting with representatives of industry, financial market functionaries, and bankers.

FSDC noted that government and all regulators need to maintain a constant vigil on the financial conditions and functioning of important financial institutions, especially considering that it could expose financial vulnerabilities in the medium and long-term. The Council discussed operational issues relating to currency management.

Sitharaman urged the market participants to strive for efficiency and transparency to help channelise the resource for productive investment in the most effective manner. The FM emphasised that trust and confidence in the financial market are critical to gain traction amongst investors.

Sitharaman said that in coping with the pandemic, the nation has been able to leverage technology effectively, in helping benefits reach everyone, due to the diffusion of technology across the country. This focus on technology and digital is something we are building on, the minister said. “We are building on digital not only for payment but also for filling the gaps in the education sector the pandemic has caused. We are using technology in agriculture as well, for helping farmers.”

The FM underlined that banks will have to be a lot more customer-friendly, not in terms of taking adverse risks, but in how they engage with and serve customers. Responding to a query on hassle-free loans for startups, the FM stressed on what the Prime Minister has told citizens, ‘I am the security behind you, please take loans, you don’t need to give security.

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