On August 22,2017 the seventeenth Meeting of the Financial Stability and Development Council (FSDC) was held in New Delhi under the Chairmanship of the Union Minister of Finance, Shri Arun Jaitley.
Other participants of the meeting:-
|Dr. Urjit R. Patel||Governor, RBI|
|Shri Ashok Lavasa||Finance Secretary|
|Shri Subhash Chandra Garg||Secretary, Department of Economic Affairs|
|Ms. Anjuly Chib Duggal||Secretary, Department of Financial Services|
|Shri Tapan Ray||Secretary, Ministry of Corporate Affairs|
|Shri Ajay Prakash Sawhney||Secretary, Ministry of Electronics and Information Technology|
|Dr. Arvind Subramanian||Chief Economic Adviser|
|Shri Ajay Tyagi||Chairman, SEBI|
|Shri T.S. Vijayan||Chairman, IRDAI|
|Shri Hemant G||Contractor, Chairman, PFRDA|
Apart from the above officials, other senior officers of the Government of India and financial sector regulators are also attended the meeting.
Discussion on Indian Economy:-
India has macro-economic stability on the back of improvements in its macro-economic fundamentals, structural reforms with the launch of the Goods and Services Tax (GST), action towards the
- Twin Balance Sheet (TBS) challenge,
- Extraordinary financial market confidence,
- And long-term positive consequences of demonetization.
The Council also discussed the issues and challenges facing the Indian economy.
Financial Sector Assessment Program:-
The Council also held the Financial Sector Assessment Program for India which conducted by the International Monetary Fund and the World Bank. The assessment report should be finalized by the end of this calendar year.
The Council took note of the developments and progress made in setting up of Computer Emergency Response Team in the Financial Sector (CERT-Fin) and Financial Data Management Centre.
FSDC Sub-Committee Chaired by Governor, RBI was placed before the FSDC to undertake the report of all activities and review of the action taken by members on the decisions taken in earlier meetings of the Council.
Discussion on Central KYC Registry (CKYCR):-
The Central KYC Registry (CKYCR) system took note of the initiatives taken by the members and discussed the issues in respect of operations of CKYCR.
It has also deliberated on strengthening the regulation of the Credit Rating Agencies (CRAs).
About Financial Stability and Development Council (FSDC)
- Financial Stability and Development Council (FSDC) is a high-level body constituted by the government of India. FSDC was formed to bring greater coordination among financial market regulators.
- To focus on attaining financial inclusion/ literacy goals.
- Set up to sort out inter-regulatory issues, will define the role of the finance ministry.
- This super regulatory body was first mooted by the Raghuram Rajan Committee in 2008
- Chairperson: The Union Finance Minister of India.