Home » National » Smt. Nirmala Sitharaman chaired the 22nd Meeting of the Financial Stability and Development Council
The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman chaired the 22nd Meeting of the Financial Stability and Development Council (FSDC) through video conference, in New Delhi on May 28, 2020.
The Minister of State for Finance and Corporate Affairs, Shri Anurag Singh Thakur and other dignitaries are also seen.
The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman chaired the 22nd Meeting of the Financial Stability and Development Council (FSDC) through video conference, in New Delhi on May 28, 2020. The Minister of State for Finance and Corporate Affairs, Shri Anurag Singh Thakur and other dignitaries are also seen.

Smt. Nirmala Sitharaman chaired the 22nd Meeting of the Financial Stability and Development Council

Newdelhi:28/5/20:Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman chaired the 22nd Meeting of the Financial Stability and Development Council (FSDC) here today.

The meeting was attended by Minister of State for Finance & Corporate Affairs Shri Anurag Thakur, Shri Shaktikanta Das, Governor, Reserve Bank of India; Shri Ajay Bhushan Pandey, Finance Secretary/Secretary, Department of Revenue; Shri Tarun Bajaj, Secretary, Department of Economic Affairs; Shri Debasish Panda, Secretary, Department of Financial Services; Shri Ajay Prakash Sawhney, Secretary, Ministry of Electronics and Information Technology; Shri Injeti Srinivas, Secretary, Ministry of Corporate Affairs; Dr. Krishnamurthy V. Subramanian, Chief Economic Adviser; Shri Ajay Tyagi, Chairperson, Securities and Exchange Board of India (SEBI); Shri Subhash Chandra Khuntia, Chairperson, Insurance Regulatory and Development Authority of India (IRDAI); Shri Supratim Bandyopadhyay, Chairperson, Pension Fund Regulatory and Development Authority (PFRDA); and Dr. M. S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India (IBBI) and other senior officers of the Government of India and Financial Sector Regulators.

The meeting reviewed the current global and domestic macro-economic situation, financial stability and vulnerabilities issues, major issues likely to be faced by banks and other financial institutions as also regulatory and policy responses, Liquidity / Solvency of NBFCs/HFCs/MFIs and other related issues. Besides, market volatility, domestic resource mobilisation and capital flows issues were also discussed by the Council.

The Council noted that the COVID-19 Pandemic crisis poses a serious threat to the stability of the global financial system as the ultimate impact of the crisis and the timing of recovery, is uncertain at this point of time. While, decisive monetary and fiscal policy actions aimed at containing the fallout from the pandemic, have stabilised investor sentiment in the short-run, there is a need to keep a continuous vigil by Government and all regulators on the financial conditions that could expose financial vulnerabilities in the medium and long-term. The efforts of the Government and regulators are focused on avoiding a prolonged period of dislocation in financial markets.

The Council took note of the initiatives taken by the Government and the regulators in the recent months to help revive the economy.  Government and the RBI have announced various fiscal and monetary measures to pre-emptively limit the economic damage and would continue to address the liquidity and capital requirements of the financial institutions.

The Council also reviewed the action taken by members on the decision taken by FSDC earlier

About Ashok Palit

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.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

Jagannath

With the Niladri Bije, Rath Yatra which was uncertain finally concluded.

Puri:4/7/20: Ending their annual sojourn, Lord Jagannath and his siblings returned to their abode, Puri Srimandir, on Saturday in Niladri Bije ritual, which marked the conclusion of Rath Yatra. As ...