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Union Finance Minister chairs 28th meeting of Financial Stability and Development Council (FSDC)

Newdelhi:21/2/24:Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman chaired the 28th Meeting of the Financial Stability and Development Council (FSDC) in New Delhi, today. The FSDC, inter alia, deliberated on issues related to macro-financial stability and India’s preparedness to deal with them. The ongoing inter-regulatory issues were also discussed to support GIFT IFSC in its strategic role to become one of the world’s premier international financial centers and perform its envisioned role of facilitating foreign capital and financial services for the domestic economy.

The FSDC discussed various issues related to the formulation of a strategy for implementing the decisions of the FSDC and the Union Budget announcements. These, inter alia, included:

  • prescribing uniform KYC norms, inter-usability of KYC records across the financial sector, and simplification and digitalisation of the KYC process;
  • kickstarting fund-raising by social enterprises through social stock exchanges;
  • to arrest the harmful effects of unauthorised lending through online apps and measures to curb their further spread.

The FSDC considered the domestic and global macro-financial situation and emphasised that the members need to maintain constant vigilance and continue their proactive efforts toward detecting emerging financial stability risks and taking the necessary measures to maintain the resilience of the financial sector. The FSDC members also decided to strengthen inter-regulatory coordination to further develop the financial sector so that it continues to provide the requisite financial resources for inclusive economic growth.

The FSDC 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 previous decisions of the FSDC.

The meeting was attended by Union Minister of State  for Finance Dr. Bhagwat Kishanrao Karad; Shri Shaktikanta Das, Governor, Reserve Bank of India (RBI); Dr. T.V. Somanathan, Finance Secretary and Secretary, Department of Expenditure, Ministry of Finance (MoF); Shri Ajay Seth, Secretary, Department of Economic Affairs, MoF; Dr. Vivek Joshi, Secretary, Department of Financial Services, MoF; Shri Sanjay Malhotra, Secretary, Department of Revenue, MoF;  Dr. Manoj Govil, Secretary, Ministry of Corporate Affairs (MCA); Shri S. Krishnan, Secretary, Ministry of Electronics and Information Technology; Dr. V. Anantha Nageswaran, Chief Economic Adviser, MoF; 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 K. Rajaraman, Chairperson, International Financial Services Centres Authority, and the Secretary of the FSDC, Department of Economic Affairs, MoF.

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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