FSDC Panel

FSDC considers the country's banking system to be protected from any spillover from issues in the sector globally, country's economic affairs secretary said

India, like many other countries, is currently not FATF-compliant on crypto assets

Council held meeting in Mumbai on Thursday, chaired by Union Finance Minister Sitharaman

Meeting discusses that it's endeavour of regulators to ensure incidents like the NSE colocation scam don't repeat and there are better ways to deal with the fallout

Finance Minister Nirmala Sitharaman will review the state of the economy amid global and domestic challenges at a meeting of the Financial Stability and Development Council (FSDC), scheduled on September 15. The 26th meeting of the high-level panel to be held in Mumbai will be attended by all financial sectoral regulators, including RBI Governor Shaktikanta Das, sources said. The FSDC is the apex body of sectoral regulators, headed by the Union finance minister. The meeting will review the current global and domestic economic situation and financial stability issues, including those concerning banking and NBFCs, according to the sources. The council would also discuss measures required for further development of the financial sector and to achieve inclusive economic growth with macroeconomic stability, they said. As per the RBI estimate, the country's GDP is expected to witness a growth of 7.2 per cent in the current financial year amid elevated retail inflation at 6.7 per cent.

The Financial Stability and Development Council (FSDC) meeting attended by various financial sector regulators comes against the backdrop of rising tension between Russia and the US over Ukraine

Officials stress need to strengthen resolution framework for financial institutions

The high-level FSDC headed by Finance Minister Nirmala Sitharaman on Friday discussed a host of issues concerning the economy and underlined the need for keeping a continuous vigil on financial sector

FM Nirmala Sitharaman has called a meeting of the FSDC on September 3 to discuss the state of the financial sector and a strategy to support the nascent recovery of the pandemic-hit economy

Regulators fail to come up with issues to discuss at FSDC sub-committee meeting this month

In a meeting, chaired by FM Sitharaman, it noted that a multi-pronged strategy involving relevant stakeholder institutions and departments is required in this regard

The FSDC is the apex body of sectoral regulators, headed by the finance minister

The meeting also comes ahead of the Union Budget for the next financial year

The FSDC is the apex body of sectoral regulators, headed by the finance minister

The meeting will review the current global and domestic economic situation and financial stability issues, including those concerning banking and NBFCs, sources added.

So far, FSDC has only been about trivial details, forming sub-committee after sub-committee, without exercising the authority its mandate allows it, even as long-standing disputes remain unresolved

After the meeting, no government official commented on anything even as Urjit Patel and his colleagues left North Block through a different exit point

This was seen as a veiled reference to RBI pushing back hard against the government pressure to relax its policies and reduce its powers

Also included is Meity secretary in the wake of data security issues

Panel also reviewed the status of implementation of recommendations of Financial Stability Board