FSDC panel reviews global, domestic factors impinging financial stability

Panel also reviewed the status of implementation of recommendations of Financial Stability Board

The sub-committee of financial stability and development council (FSDC) on Monday reviewed major developments on global and domestic fronts that impinge on the country's financial stability, the Reserve Bank of India (RBI) said.

The meeting was chaired by RBI governor Urjit Patel.

The sub-committee also reviewed the status of implementation of recommendations of Financial Stability Board, a mix of global bodies that sets financial stability policies across financial sectors, the release said.

The progress of Financial Sector Assessment Programme 2017 was also discussed in the meeting, it said.

"Issues such as setting up Computer Emergency Response Team for the Financial Sector, road map for National Centre for Financial Education and macro-prudential framework in India were also discussed," the release said.

The meeting was attended by market regulator chairman Ajay Tyagi, insurance regulator chairman T S Vijayan, Pension Fund Regulatory and Development Authority chairman Hemant G Contractor, and others.

The government has set up the FSDC to strengthen and institutionalise mechanism to maintain financial stability, enhance inter-regulatory coordination and promote financial sector development.