FSDC reviews global, domestic macroeconomic, financial developments

Sub-Committee for review: Reserve Bank Governor Shaktikanta Das headed the Sub-Committee of the Financial Stability and Development Council (FSDC-SC) on Thursday reviewed global and domestic macroeconomic and financial developments.

It also reviewed issues relating to inter-regulatory coordination in the Indian financial sector, the RBI said in a statement after the 31st meeting of the FSDC Sub-Committee.

"Members shared their assessments of potential risks to financial stability and discussed various issues that may have financial stability implications," it said.

The Sub-Committee also reviewed the activities of various technical groups under its purview and the functioning of State-level Coordination Committees (SLCCs) in states/Union territories (UTs).

It resolved to continue its focus on improving financial sector resilience through inter-regulatory coordination, while remaining watchful of emerging challenges to the economy and the financial system, including those from global spillovers, cyber hazards and climate change.

The meeting was attended by the members of the Sub-Committee - Madhabi Puri Buch (Chairperson, SEBI), Debasish Panda (Chairperson, IRDAI), Deepak Mohanty (Chairperson, PFRDA), K Rajaraman ( Chairperson, IFSCA).

S Krishnan, Secretary, Ministry of Electronics and Information Technology; Sanjay Malhotra, Secretary, Department of Revenue; Deepti Gaur Mukerjee, Secretary, Ministry of Corporate Affairs; Nagaraju Maddirala, Secretary, Department of Financial Services; and Shashank Saksena, Secretary, Financial Stability and Development Council were also present.

Deputy governors of the Reserve Bank Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Shankar, Swaminathan J; and O P Mall, Executive Director of the RBI also attended the meeting.