HomeBusinessRBI Guv-headed FSDC sub-committee reviews economic situation

RBI Guv-headed FSDC sub-committee reviews economic situation

The FSDC sub-committee headed by Reserve Bank Governor Shaktikanta Das on Thursday reviewed the economic situation within the backdrop of the COVID-19 pandemic and resolved to maintain a detailed watch on the unfolding developments with a view to make sure monetary stability. The assembly of the Financial Stability and Development Council (FSDC) Sub-Committee (FSDC-SC) was held through video conferencing and attended by all monetary sector regulators together with SEBI, IRDAI, PFRDA and IBBI.

“The members resolved to maintain a close watch on the unfolding developments and act proactively to ensure that financial institutions and financial markets remain resilient amidst the challenges posed by the resurgence of the pandemic,” the RBI mentioned in a launch.

The sub-committee reviewed the main developments within the world and home economic system in addition to in varied segments of the monetary system and mentioned the assessments of members concerning the situation rising from the third wave of the pandemic.

Among others, it mentioned varied inter-regulatory points and issues regarding using Aadhaar-based e-KYC and Aadhaar Enabled Payment System by regulated entities.

It additionally reviewed the actions of assorted technical teams below its purview and the functioning of State Level Coordination Committees (SLCCs) in varied states and Union Territories.

The assembly was attended T V Somanathan, Finance Secretary and Secretary, Department of Expenditure; Ajay Seth, Secretary, Department of Economic Affairs; Tarun Bajaj, Secretary, Department of Revenue; Rajesh Verma, Secretary, Ministry of Corporate Affairs; Ajay Prakash Sawhney, Secretary, Ministry of Electronics and Information Technology; and Shashank Saksena, Secretary, Financial Stability and Development Council.

Other members of the Sub-Committee, together with Ajay Tyagi, Chairman, Securities and Exchange Board of India (SEBI) and Supratim Bandyopadhyay, Chairman, Pension Fund Regulatory and Development Authority (PFRDA), additionally attended the assembly.

Besides, RBI deputy governors Michael Debabrata Patra and T Rabi Sankar; and government administrators O P Mall, J Okay Dash and Rohit Jain participated within the assembly.

Vandita Kaul, Additional Secretary represented the Department of Financial Services; T Alamelu, Whole Time Member, Insurance Regulatory and Development Authority of India (IRDAI) and Navrang Saini, Chairman (Additional Charge), Insolvency and Bankruptcy Board of India (IBBI) attended the assembly on behalf of their respective establishments.

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