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Amid the continuing liquidity crisis in banks of the West, the Financial Stability and Development Council (FSDC) on Monday discussed the need for more early stress indicators in India’s financial sector to enable regulators to identify potential signs of trouble and deal with them in advance.
“Regulators should maintain a constant vigil because ensuring financial-sector stability is their shared responsibility. They must take appropriate and timely action to mitigate any vulnerability and strengthen financial stability,” Union Finance Minister Nirmala Sitharaman, who heads the FSDC, told the regulators at the meeting of the council in New Delhi.
This was the first FSDC meeting after the 2023 Union Budget.
The regulators who attended the meeting included Reserve Bank of India (RBI) Governor Shaktikanta Das, Securities and Exchange Board of India (Sebi) Chairperson Madhabi Puri Buch, Insurance Regulatory and Development Authority Chairman Debasish Panda, Pension Fund Regulatory and Development Authority Chairman Deepak Mohanty, Insolvency and Bankruptcy Board of India Chairman Ravi Mital, and International Financial Services Centres Authority Chairman Injeti Srinivas.
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The five secretaries in the finance ministry and Chief Economic Advisor V Anantha Nageswaran attended the meeting.
“The council discussed a number of issues starting with financial stability, noting that there were daunting challenges coming from the global economy ... It discussed early-warning indicators for the economy,” Economic Affairs Secretary Ajay Seth told media persons after the meeting.
