FM Nirmala Sitharaman
Chairs 24th Meeting of Financial Stability and Development Council
Union Minister for Finance & Corporate Affairs
Smt. Nirmala Sitharaman chaired the 24th meeting of the
Financial Stability and Development Council (FSDC) on 3 September, 2021.
The meeting deliberated on the various mandates
of the FSDC, viz., Financial Stability, Financial Sector Development, Inter-regulatory
Coordination, Financial Literacy, Financial Inclusion, and Macro prudential supervision
of the economy including the functioning of large financial conglomerates etc.
It was noted that there is a need to keep a continuous
vigil by Government and all regulators on the financial conditions.
The Council also, inter alia, discussed issues
relating to management of stressed assets, strengthening institutional mechanism
for financial stability analysis, financial inclusion, framework for resolution
of financial institutions and issues related to IBC processes, banks’ exposure to
various sectors and Government, data sharing mechanisms of government authorities,
internationalisation of Indian Rupee and pension sector
related issues.
The Council also took note of the activities undertaken
by the FSDC Sub-Committee chaired by the Governor, RBI and the action taken by members
on the past decisions of FSDC.
The meeting was attended by Dr. Bhagwat Kishanrao Karad, MoS (Finance); Pankaj Chaudhary, MoS
(Finance); Shaktikanta Das, Governor, Reserve Bank of
India; Dr. T. V. Somanathan, Finance Secretary and Secretary,
Department of Expenditure, Ministry of Finance; Ajay Seth, Secretary, Department
of Economic Affairs, Ministry of Finance; Tarun Bajaj,
Secretary, Department of Revenue, Ministry of Finance; Debasish
Panda, Secretary, Department of Financial Services, Ministry of Finance; Rajesh
Verma, Secretary, Ministry of Corporate Affairs; Dr. Krishnamurthy
V. Subramanian, Chief Economic Adviser, Ministry of Finance; Ajay Tyagi, Chairperson, Securities and Exchange Board of India;
Supratim Bandyopadhyay, Chairperson,
Pension Fund Regulatory and Development Authority; Dr. M. S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India;
Injeti Srinivas, Chairperson, International Financial
Services Centres Authority; Ms. T. L. Alamelu, Member (Non-Life), Insurance and Regulatory Development
Authority of India; and the Secretary of the FSDC, Department of Economic Affairs,
Ministry of Finance.