Financial Stability and Development Council resolves to remain vigilant against fiscal vulnerabilities

RBI Governor Shaktikanta Das on Monday chaired the meeting of the sub-committee of the Financial Stability and Development Council (FSDC), which reviewed the major global and domestic macroeconomic and financial developments.

It resolved to remain vigilant against any build-up in vulnerabilities in all segments of the Indian financial system as well as in the broader economy.

It also focussed on preserving the financial system stability for attaining strong, sustainable and inclusive growth.

The panel also discussed issues of inter-regulatory coordination relating to the Indian financial sector activities of various technical groups under its purview, and the functioning of state level coordination committees (SLCCs) in various states.

The meeting was attended by the members of the committee namely Finance Secretary T.V. Somanathan, Banking Secretary Vivek Joshi, Revenue Secretary Sanjay Malhotra, Corporate Affairs Secretary Manoj Govil and SEBI Chairperson Madhabi Puri Buch.

The IRDAI, the PFRDA and Insolvency and Bankruptcy Board of India chiefs and Deputy Governors of the RBI, also attended the meeting.