FM Sitharaman chairs the 27th Financial Stability and Development Council meeting

New Delhi: Union Finance Minister Nirmala Sitharaman on Monday chaired the 27th Financial Stability and Development Council (FSDC) meeting in the presence of Ministers of State (MoS) for Finance Pankaj Chaudhary and Bhagwat Karad in New Delhi.

Reserve Bank of India (RBI) Governor Shaktikanta Das, Insurance Regulatory and Development Authority of India (IRDAI) Chief Debashish Panda, Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch, Pension Fund Regulatory and Development Authority (PFRDA) Chief Deepak Mohanty, Finance Secretary TV Somanathan, Revenue Secretary Rajesh Malhotra, Department of Financial Services (DFS) Secretary Vivek Joshi, Department of Economic Affairs (DEA) Secretary Ajay Seth and other officials of the finance ministry have taken part in this meeting. This is the first meeting after the Union Budget took place and also the first meeting after the US bank default which had threatened the financial situation of banks across the world.

The FSDC is the apex body of sectoral regulators, headed by the Union finance minister.

In the last Financial Stability and Development Council (FSDC) meeting, Union Finance Minister Nirmala Sitharaman on September 15 reviewed the state of the economy at the FSDC meeting in Mumbai.

The Council during the last meeting deliberated on the early warning indicators for the economy and preparedness to deal with them, improving the efficiency of the existing Financial/Credit Information Systems and issues of governance and management in Systemically Important Financial Institutions including Financial Market Infrastructures, and strengthening cyber security framework in the financial sector. Besides, common KYC for all financial services and related matters, an update on account aggregator and next steps, issues relating to financing of power sector, strategic role of GIFT IFSC in New Aatmanirbhar Bharat, inter-regulatory issues of GIFT-IFSC, and need for the utilisation of the services of registered valuers by all government departments were also discussed. (ANI)