FSDC panel reviews global and domestic developments

THE SUB-COMMITTEE of Financial Stability and Development Council (FSDC) today reviewed major developments on the global and domestic fronts that impinge on the country’s financial stability, the Reserve Bank said on Monday.

“The sub-committee reviewed the major developments on the global and domestic fronts that impinge on the financial stability of the country,” the RBI said in a release.

The meeting was chaired by RBI governor Urjit Patel.

The sub-committee also reviewed the status of implementation of recommendations of Financial Stability Board (FSB), a composition of global bodies that sets financial stability policies across different financial sectors, the release said.

The progress of Financial Sector Assessment Programme (FSAP) 2017 was also discussed in the meeting, it said.

“Issues such as setting up of Computer Emergency Response

The sub-committee also reviewed the status of implementation of recommendations of Financial Stability Board, according to the Reserve Bank of India

Team for the Financial Sector (CERT-FIN), roadmap for National Centre for Financial Education (NCFE) and macroprudential framework in India were also discussed,” the release said.

The meeting was attended by Sebi chairman Ajay Tyagi, Irdai chairman T S Vijayan and Pension Fund Regulatory and Development Authority chairman Hemant G Contractor, among others.

The government has set up the FSDC to strengthen and institutionalise mechanism to maintain financial stability, enhance inter-regulatory coordination and promote financial sector development.