FM Sitharaman Chairs 28th Financial Stability and Development Council Meeting

GG News Bureau
New Delhi, 21st Feb. Union Minister for Finance and Corporate Affairs Nirmala Sitharaman presided over the 28th Meeting of the Financial Stability and Development Council (FSDC) in New Delhi.

The FSDC convened to deliberate on matters concerning macro financial stability and India’s readiness to address them effectively.

Among the topics discussed were ongoing inter-regulatory issues aimed at bolstering the Gift IFSC’s strategic positioning as a premier international financial center, facilitating foreign capital inflow, and enhancing financial services for the domestic economy.
Key points addressed during the meeting included:

– Standardizing Know Your Customer (KYC) norms and streamlining the digitalization process.
– Initiating fundraising initiatives for social enterprises through social stock exchanges.
– Implementing measures to curb the adverse impacts of unauthorized lending via online apps

Additionally, the FSDC reviewed both domestic and global macro-financial conditions, stressing the importance of sustained vigilance to detect emerging financial stability risks. Emphasis was placed on maintaining the resilience of the financial sector through proactive measures.

Furthermore, the council pledged to enhance inter-regulatory coordination to bolster financial sector development, ensuring continued provision of financial resources for inclusive economic growth.

The meeting saw attendance from key officials, including Union Minister of State for Finance Dr. Bhagwat Kishanrao Karad, RBI Governor Shri Shaktikanta Das, and various secretaries from the Ministry of Finance and other regulatory bodies.