India's financial stability council reviews global economic conditions

It also reviewed the activities of various technical groups under its purview and the functioning of State Level Coordination Committees (SLCCs) in various states/UTs.

PTIUpdated: Wednesday, November 16, 2022, 09:27 AM IST
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The meeting took place under RBI Governor Shaktikanta Das. | File Picture

A Sub-Committee of the Financial Stability and Development Council (FSDC-SC) on Tuesday reviewed the prevailing global macroeconomic situation and resolved to remain vigilant and proactive to ensure financial sector stability.

FSDC-SC members include RBI, Sebi and IRDAI.

The meeting of the FSDC-SC was chaired by RBI Governor Shaktikanta Das.

"The Sub-Committee reviewed the major developments in the global and domestic economy as well as in various segments of the financial system. It discussed certain inter-regulatory issues," the central bank said in a statement.

It also reviewed the activities of various technical groups under its purview and the functioning of State Level Coordination Committees (SLCCs) in various states/UTs.

"The members resolved to remain vigilant and proactive to ensure that financial markets and financial institutions remained resilient amidst the spillovers arising from evolving global macroeconomic situation," it said.

Madhabi Puri Buch, Chairperson of Securities and Exchange Board of India (Sebi); Debasish Panda, Chairman of Insurance Regulatory and Development Authority of India (IRDAI); and Supratim Bandyopadhyay, Chairman of Pension Fund Regulatory and Development Authority (PFRDA), and RBI deputy governors participated in the meeting.

Other members of the Sub-Committee who attended the meeting include Ajay Seth, Secretary of Department of Economic Affairs; Vivek Joshi, Secretary of Department of Financial Services; Manoj Govil, Secretary of Ministry of Corporate Affairs; Sanjay Malhotra, Officer on Special Duty and Secretary (Designate) at the Department of Revenue; V Anantha Nageswaran, Chief Economic Adviser; and Shashank Saksena, Senior Adviser and Secretary of FSDC.

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