Home » National » Union Finance Minister chairs the 27th Meeting of the Financial Stability and Development Council

Union Finance Minister chairs the 27th Meeting of the Financial Stability and Development Council

Newdelhi:8/5/23:Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman chaired the 27th Meeting of the Financial Stability and Development Council (FSDC) here today, for the first time after the announcement of the Budget 2023-24.

 During the meeting of the Council, it was discussed that the policy and legislative reform measures required to further develop the financial sector may be formulated and implemented expeditiously to not only increase the financial access of the people, but also increase their overall economic well-being.

Union Finance Minister Smt. Sitharaman advised that:

  • Regulators should maintain a constant vigil as ensuring ‘financial sector stability is a shared responsibility’ of the regulators. Regulators must take appropriate and timely action to mitigate any vulnerability and strengthen financial stability.
  • Regulators should adopt a focused approach to reduce the compliance burden further and ensure a streamlined and efficient regulatory environment. The progress achieved in this regard shall be reviewed by the Union Finance Minister with each regulator in June 2023.
  • The regulators need to be proactive and ensure cyber-security preparedness of the information technology systems to reduce the risk of cyber-attacks, protect sensitive financial data, and maintain overall system integrity, thus safeguarding the stability and resilience of the Indian financial ecosystem.
  • Regulators should conduct a special drive to facilitate the settlement of unclaimed deposits and claims in the financial sector across all segments, such as banking deposits, shares and dividends, mutual funds, insurance, etc.
  • Action Taken Report on Budget announcements made since 2019 was discussed. A focused approach should be adopted by the regulators to implement the announcements made in the Budget 2023-24, for which timelines were also decided.
  • Image

The Council, inter alia, also deliberated on Early Warning Indicators for the economy and our preparedness to deal with them, Reducing Compliance Burden on the regulated entities in the financial sector by Improving Regulatory Quality, Debt Levels of Corporates and Households in India, Simplification and Streamlining of KYC Framework to meet the needs of Digital India, Seamless Experience for Retail Investors in Government Securities, Bimakrit Bharat – Unique Value Proposition to take insurance to last mile, and support required in terms of resolving inter-regulatory issues for GIFT IFSC to play strategic role in Atmanirbhar Bharat.  The Council also took note of the activities undertaken by the FSDC Sub-Committee chaired by the RBI Governor and the action taken by members on the past decisions of the FSDC.

The meeting was attended by Union Ministers of State for Finance Shri Pankaj Chaudhary and Dr. Bhagwat Kishanrao Karad; Shri Shaktikanta Das, Governor, Reserve Bank of India; Dr. T. V. Somanathan, Finance Secretary and Secretary, Department of Expenditure, Ministry of Finance; Shri Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance; Dr. Vivek Joshi, Secretary, Department of Financial Services, Ministry of Finance; Shri Sanjay Malhotra, Secretary, Department of Revenue,  Ministry of Finance;  Dr. Manoj Govil, Secretary, Ministry of Corporate Affairs; Dr. V. Anantha Nageswaran, Chief Economic Adviser, Ministry of Finance; Ms. Madhabi Puri Buch, Chairperson, Securities and Exchange Board of India; Shri Debasish Panda, Chairperson, Insurance Regulatory and Development Authority of India; Dr. Deepak Mohanty, Chairperson, Pension Fund Regulatory and Development Authority; Shri Ravi Mital, Chairperson, Insolvency and Bankruptcy Board of India; Shri Injeti Srinivas, Chairperson, International Financial Services Centres Authority; and the Secretary of the FSDC, Department of Economic Affairs, Ministry of Finance.

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.

Check Also

Odisha CM Mohan Charan Majhi has discussed with the members of Chattisha Niyoga to complete the upcoming Rath Yatra peacefully

Bhubaneswar:20/6/24:Odisha Chief Minister Shri Mohan Charan Majhi has discussed with the members of Srikshetra Puri Chattisha Niyoga at Rajya Guest House to complete the upcoming Rath Yatra peacefully and smoothly. ...