 "FSDC-SC resolves to remain vigilant against external vulnerabilities")
RBI Governor Shaktikanta Das-headed Sub-Committee of the Financial Stability and Development Council (FSDC-SC) on Monday resolved to remain vigilant against any build-up in vulnerabilities in the financial system as well as in the broader economy amid uncertain global environment.
With a view to strengthening and institutionalising the mechanism for maintaining financial stability, enhancing inter-regulatory coordination and promoting financial sector development, the FSDC was set up by the government as the apex level forum in December 2010.
The FSDC Sub-Committee has been set up under the chairmanship of governor, RBI. It meets more often than the full Council.
The Sub-Committee reviewed major global and domestic macroeconomic and financial developments, issues of inter-regulatory coordination relating to the Indian financial sector activities of various technical groups under its purview, the Reserve Bank said in a statement on 30th Meeting of the FSDC Sub-Committee.
It also reviewed the functioning of State Level Coordination Committees (SLCCs) in various states/UTs.
"The FSDC-SC resolved to remain vigilant against any build-up in vulnerabilities in all segments of the Indian financial system as well as in the broader economy, especially from global spillovers in a dynamic and uncertain world, and to preserve financial system stability for attaining strong, sustainable and inclusive growth," the RBI said.
More From This Section
The meeting was attended by the members of the Sub-Committee -- T V Somanathan, Finance Secretary and Secretary, Department of Expenditure; Vivek Joshi, Secretary, Department of Financial Services; Sanjay Malhotra, Secretary, Department of Revenue; and Manoj Govil, Secretary, Ministry of Corporate Affairs.
Madhabi Puri Buch, Chairperson, Securities and Exchange Board of India (SEBI); Debasish Panda, Chairman, Insurance Regulatory and Development Authority of India (IRDAI); Deepak Mohanty, Chairman, Pension Fund Regulatory and Development Authority (PFRDA); K Rajaraman, Chairman, International Financial Services Centres Authority (IFSCA), and Ravi Mittal, Chairman, Insolvency and Bankruptcy Board of India (IBBI) also attended the meeting.
Besides, RBI deputy governors -- Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Shankar, Swaminathan J, and Reserve Band Executive Director O P Mall, too were present at the FSDC-SC meeting.