FSDC-SC Reviews Financial Stability: Key Takeaways

The Sub-Committee of the Financial Stability and Development Council, led by RBI Governor Shaktikanta Das, reviewed domestic and global macroeconomic and financial developments. The committee discussed inter-regulatory coordination and the resilience of the financial sector, focusing on global risks, cyber issues, and climate change.

The Sub-Committee of the Financial Stability and Development Council (FSDC-SC), chaired by Reserve Bank Governor Shaktikanta Das, convened to review both global and domestic macroeconomic and financial developments on Thursday.

The meeting, the 31st of its kind, also assessed issues relating to inter-regulatory coordination within the Indian financial sector, according to a statement released by the RBI.

Members present at the meeting shared their insights on potential risks to financial stability and discussed various matters with potential implications for economic stability. The committee reviewed the activities of technical groups under its purview, as well as the functioning of State-level Coordination Committees (SLCCs) across states and Union territories (UTs).

The committee is committed to enhancing the resilience of the financial sector through sustained inter-regulatory coordination, while staying vigilant about emerging challenges like global spillovers, cyber threats, and climate change.

Key attendees of the meeting included Madhabi Puri Buch (Chairperson, SEBI), Debasish Panda (Chairperson, IRDAI), Deepak Mohanty (Chairperson, PFRDA), and K Rajaraman (Chairperson, IFSCA). Senior officials from the Ministry of Electronics and Information Technology, Department of Revenue, Ministry of Corporate Affairs, Department of Financial Services, and the Financial Stability and Development Council were also present.

Deputy Governors of the RBI Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Shankar, Swaminathan J, and O P Mall, Executive Director of the RBI, also attended the meeting.

(With inputs from agencies.)