New Delhi, Sep 03, 2021: Union Minister for Finance & Corporate Affairs Nirmala Sitharaman chaired the 24th meeting of the Financial Stability and Development Council (FSDC) here today.
The meeting deliberated on the various mandates of the FSDC, viz., Financial Stability, Financial Sector Development, Inter-regulatory Coordination, Financial Literacy, Financial Inclusion, and Macro prudential supervision of the economy including the functioning of large financial conglomerates etc.
It was noted that there is a need to keep a continuous vigil by Government and all regulators on the financial conditions.
The Council also, inter alia, discussed issues relating to management of stressed assets, strengthening institutional mechanism for financial stability analysis, financial inclusion, framework for resolution of financial institutions and issues related to IBC processes, banks’ exposure to various sectors and Government, data sharing mechanisms of government authorities, internationalisation of Indian Rupee and pension sector related issues.
The Council also took note of the activities undertaken by the FSDC Sub-Committee chaired by the Governor, RBI and the action taken by members on the past decisions of FSDC.