The sub-committee of the Financial Stability and Development Council (FSDC), chaired by the Reserve Bank of India (RBI) governor, discussed the proposal of setting up an Inter Regulatory Technical Group on Fintech (IRTG-Fintech) and the National Strategy on Financial Education (NSFE) 2020-2025, and decided to do whatever is necessary to revive economic growth and preserve financial stability.

The sub-committee, which met via video conference for the first time since the Covid-19 outbreak, also deliberated upon the status and developments under the Insolvency and Bankruptcy Code (IBC), and the working of credit rating agencies, the RBI said in a statement.

“Overall, given the prevailing extraordinary circumstances, the Sub Committee unanimously resolved that (a) every participating regulator and ministry will continue to remain alert and watchful of the emerging challenges; (b) interact more frequently, both formally and informally, as also collectively; and (c) do whatever is necessary to revive the economy and preserve financial stability," the statement said.

Apart from RBI governor Shaktikanta Das, the meeting was attended by secretaries of various ministries, Krishnamurthy Subramanian, Chief Economic Adviser; Ajay Tyagi, Chairman, Securities and Exchange Board of India (SEBI); Subhash Chandra Khuntia, Chairman, Insurance Regulatory and Development Authority of India (IRDAI); Supratim Bandyopadhyay, Chairman, Pension Fund Regulatory and Development Authority (PFRDA), M. S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India (IBBI) and RBI deputy governors.