A meeting of the Sub-Committee of the Financial Stability and Development Council (FSDC) was held today (August 31, 2020) in Mumbai through video conference. Shri Shaktikanta Das, Governor, Reserve Bank of India, chaired the meeting.

The meeting was attended by the members of the Sub-Committee – Shri Ajay Bhushan Pandey, Finance Secretary and Secretary, Department of Revenue; Shri Ajay Prakash Sawhney, Secretary, Ministry of Electronics and Information Technology; Shri Rajesh Verma, Secretary, Ministry of Corporate Affairs; Shri Tarun Bajaj, Secretary, Department of Economic Affairs; Dr. Krishnamurthy Subramanian, Chief Economic Adviser; Shri Ajay Tyagi, Chairman, Securities and Exchange Board of India (SEBI); Dr. Subhash Chandra Khuntia, Chairman, Insurance Regulatory and Development Authority of India (IRDAI); Shri Supratim Bandyopadhyay, Chairman, Pension Fund Regulatory and Development Authority (PFRDA); Dr. M. S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India (IBBI); Shri Injeti Srinivas, Chairperson, International Financial Services Centres Authority (IFSCA); Deputy Governors of the Reserve Bank - Shri B.P. Kanungo, Shri Mahesh Kumar Jain and Dr. Michael Debabrata Patra; and Dr.O.P.Mall, Executive Director of the Reserve Bank.

The Sub-Committee reviewed the major developments in global and domestic economy and financial markets that impinge on the financial stability. It discussed issues relating to inter-Regulatory coordination and reviewed the initiatives and activities of National Centre for Financial Education (NCFE), activities of various technical groups under FSDC-SC and functioning of State Level Coordination Committees (SLCCs) in various states/UTs. The regulators reaffirmed their commitment to continue co-coordinating on various initiatives and measures to strengthen the financial sector in these extraordinarily challenging times.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/270