India needs to remain vigilant and keep a watch on emerging global developments though there is no immediate cause of worry, said a Finance Ministry statement after the FSDC sub-committee meeting in Mumbai today.
"The sub-committee of FSDC was of the view that our macro-economic fundamentals are quite strong and there is no immediate cause of worry due to the international economic situation.
"However, it (sub-committee) was of the view that there was need to be vigilant and to keep a watch on the situation... There was commonality of views," the Ministry statement said.
The meeting of the Financial Stability and Development Council (FSDC) sub-panel, headed by RBI Governor Raghuram Rajan, reviewed domestic and international developments and their impact on the financial stability of the country.
It also discussed issues related to inter-regulatory co-ordination for reporting under the Foreign Account Tax Compliance Act (FATCA), the Central KYC Registry and International Financial Services Centre (IFSC).
Development of corporate bond market and pension funds were also discussed.
Besides Rajan, the meeting was attended by Finance Secretary Ratan P Watal, Economic Affairs Secretary Shaktikanta Das, Financial Services Secretary Anjuly Chib Duggal and four Deputy Governors of RBI.
After the meeting, Das tweeted: "Finance Ministry, RBI, all regulators to be vigilant. India's macroeconomic stability to be strengthened and capitalised.
