FSDC sub-committee reviews developments in economy

RBI Governor Shaktikanta Das headed Sub-Committee of the FSDC on Wednesday reviewed the most important developments in the worldwide and home economy in addition to monetary markets that impression monetary stability, the central financial institution mentioned in an announcement. The digital assembly of the Sub-Committee of the Financial Stability and Development Council (FSDC) was attended by numerous regulators, together with Sebi and Irdai.

The Sub-Committee additionally mentioned scope for enhancements in insolvency decision underneath IBC, utilisation of information with the Central KYC Records Registry and modifications in the regulatory framework regarding Alternative Investment Funds (AIFs) arrange in the International Financial Services Centre (IFSC), amongst others.

It additionally reviewed the actions of varied technical teams underneath its purview and the functioning of State Level Coordination Committees (SLCCs) in numerous states and Union Territories.

“The regulators reaffirmed their resolve to be alert and watchful of emerging challenges to financial stability,” the Reserve Bank of India (RBI) mentioned.

The members of the panel who attended the assembly included Ajay Tyagi (chairman, Sebi); Subhash Chandra Khuntia (chairman, Irdai); Supratim Bandyopadhyay (chairman, PFRDA); M S Sahoo (chairperson, IBBI); Injeti Srinivas (chairperson, IFSCA); and Debasish Panda (secretary, Department of Financial Services).

Rajesh Verma (secretary, Ministry of Corporate Affairs); Ajay Prakash Sawhney (secretary, Ministry of Electronics and Information Technology); Krishnamurthy Subramanian (Chief Economic Adviser) and Shashank Saksena (secretary, FSDC) additionally attended the assembly, apart from deputy governors and government director of RBI.