The 26th meeting of the Financial Stability and Development Council (FSDC), chaired by Finance Minister Nirmala Sitharaman, deliberated on the early warning indicators for the economy and the country’s preparedness to deal with them.
Held in Mumbai on Thursday, the meeting discussed improving the efficiency of the existing financial/credit information systems, issues of governance and management in systemically important financial institutions including financial market infrastructures, strengthening cybersecurity framework in the financial sector, common KYC for all financial services and related matters, update on account aggregator and next steps, issues relating to the financing of the power sector, strategic role of GIFT IFSC in new ‘Aatmanirbhar Bharat’, inter-regulatory issues of GIFT-IFSC, and need for utilization of the services of registered valuers by all government departments.
It was noted that there is a need to monitor the financial sector risks, financial conditions, and market developments on a continuous basis by the government and the regulators so that appropriate and timely action can be taken to mitigate any vulnerability and strengthen financial stability. The council also took note of the preparation in respect of financial sector issues to be taken up during India’s G20 Presidency in 2023.
Ministers of State for Finance Bhagwat Karad and Pankaj Chaudhary, RBI Governor Shri Shaktikanta Das, and others attended the meeting.