FSDC sub-committee reviews developments in economy

The virtual meeting of the Sub-Committee of the Financial Stability and Development Council (FSDC), headed by RBI Governor Shaktikanta Das, reviewed global and domestic economy, discussed scope for improvements in insolvency resolution, and some other issues.

Mumbai: RBI Governor Shaktikanta Das headed Sub-Committee of the FSDC on Wednesday reviewed the major developments in the global and domestic economy as well as financial markets that impact financial stability, the central bank said in a statement.

The virtual meeting of the Sub-Committee of the Financial Stability and Development Council (FSDC) was attended by various regulators, including Sebi and Irdai.

The Sub-Committee also discussed scope for improvements in insolvency resolution under IBC, utilisation of data with the Central KYC Records Registry and changes in the regulatory framework relating to Alternative Investment Funds (AIFs) set up in the International Financial Services Centre (IFSC), among others.

It also reviewed the activities of various technical groups under its purview and the functioning of State Level Coordination Committees (SLCCs) in various 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) said.

The members of the panel who attended the meeting 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) also attended the meeting, besides deputy governors and executive director of RBI.

(PTI)