Home » Business » 19thMeeting of the Financial Stability and Development Council (FSDC) held under the Chairmanship of the Union Finance Minister

19thMeeting of the Financial Stability and Development Council (FSDC) held under the Chairmanship of the Union Finance Minister

Newdelhi:30/10/18:The Nineteenth Meeting of the Financial Stability and Development Council (FSDC) under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri ArunJaitleyreviewedthe current global and domestic economic situation and financial sector performance. The Council discussed at length the issue of real interest rate, current liquidity situation, including segmental liquidity position in NBFCs and mutual fund space. The Council decided that the Regulators and the Government would keep a close watch on the developing situation and take all necessary measures.

The FSDC Meeting was held here today under the Chairmanship of the Union Minister of Finance, Shri ArunJaitley which was attended by Dr. Urjit R. Patel, Governor, Reserve Bank of India (RBI); Dr. Hasmukh Adhia, Finance Secretary and Secretary, Department of Revenue; Shri Subhash Chandra Garg, Secretary, Department of Economic Affairs;Shri Rajiv Kumar, Secretary, Department of Financial Services;Shri Injeti Srinivas, Secretary, Ministry of Corporate Affairs; Shri Ajay Prakash Sawhney Secretary, Ministry of Electronics and Information Technology;Shri Ajay Tyagi, Chairman, Securities and Exchange Board of India;Shri Subhash Chandra Khuntia, Chairman, Insurance Regulatory and Development Authority of India; Shri Hemant G. Contractor, Chairman, Pension Fund  Regulatory and Development Authority;Dr. M. S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India and other senior officers of the Government of India and Financial Sector Regulators.

 

FSDC took note of the developments regardingstrengthening of Cyber Security in Financial Sector including progress made towards setting up of a Computer Emergency Response Team in the Financial Sector (CERT-Fin) under a Statutory Framework. The Council also deliberated on the need for identifying and securing critical information infrastructure in financial sector.

The Council also deliberated on the issues and challenges of Crypto Assets/Currency and was briefed about the deliberations in the High-level Committee chaired by the Secretary (Economic Affairs) to devise an appropriate legal framework to ban use ofprivate crypto currenciesin India and encouraging the use of Distributed Ledger Technology, as announced in the Budget 2018-19.

Other issues discussed include market developments and financial stability implications of the use of RegTech and SupTech by Financial Firms and Regulatory and Supervisory Authorities, and implementing the Recommendations of the Sumit Bose Committee Report on measures, such as, promoting appropriate disclosure regime for financial distribution costs.

The Council also took note of the activities undertaken by the FSDC Sub-Committee Chaired by Governor, RBI and the action taken by Members on the decisions taken in earlier Meetings of the Council.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.
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