FM chairs 21st Meeting of Financial Stability & Development Council

Speed Post News Network

New Delhi  : The 21^st Meeting of the Financial Stability and Development Council (FSDC) was held here on November 7, 2019,  under the Chairmanship of Union Finance & Corporate Affairs Minister Nirmala Sitharaman. The Council reviewed the current global and domestic macro-economic situation and financial stability and vulnerabilities issues including inter-alia, those concerning NBFCs and Credit Rating Agencies.

The Council reviewed the action taken by members on the decision taken by FSDC earlier and held discussions on the proposals submitted for further strengthening of the resolution framework and framework for cyber security of the financial sector. It also took note of the activities undertaken by the FSDC Sub-Committee chaired by the Governor, RBI, and the initiatives taken by the various regulators in the financial sector, according to a PIB release.

The meeting was attended by Shaktikanta Das, Governor, Reserve Bank of India (RBI); Atanu Chakraborty, Secretary, Department of Economic Affairs; Rajiv Kumar, Finance Secretary and Secretary, Department of Financial Services; Injeti Srinivas, Secretary, Ministry of Corporate Affairs; Ajay Bhushan Pandey, Revenue Secretary; Ajay Prakash Sawhney, Secretary, Ministry of Electronics and Information Technology; Dr Krishnamurthy V Subramanian, Chief Economic Adviser, Ministry of Finance; Ajay Tyagi, Chairman, Securities and Exchange Board of India; Subhash Chandra Khuntia, Chairman, Insurance Regulatory and Development Authority of India; Dr M S Sahoo, Chairperson, Insolvency and Bankruptcy Board of India; Ravi Mital, Special Secretary, Department of Financial Services and in charge, Chairperson, Pension Fund Regulatory and Development Authority; and other senior officers of the Government of India and Financial Sector Regulators.