FSDC Sub-Committee headed by Urjit Patel reviews financial events of country

On November 23, 2017, Sub-Committee of the Financial Stability and Development Council (FSDC) reviewed major global and domestic developments which could have a bearing on India’s financial stability.

Highlights of FSDC Sub-Committee Meeting:

Sub-Committee of the Financial Stability and Development Council (FSDC) is headed by incumbent RBI Governor, Urjit Patel.

• Other key officials who attended the meeting included Ministry of Corporate Affairs Secretary, Injeti Srinivas, Chairman of Pension Fund Regulatory and Development Authority (PFRDA), Hemant G Contractor, Chairman of Securities and Exchange Board of India (SEBI), Ajay Tyagi, Chairperson of Insolvency and Bankruptcy Board of India(IBBI), M S Sahoo, Deputy Governors of RBI (N S Vishwanathan, Viral V Acharya and B P Kanungo), Executive Director of RBI, Deepak Mohanty and FSDC secretary C S Mohapatra.
• During this meeting, discussions were held on setting up of the National Centre for Financial Education (NCFE), sharing of data among regulators, operationalisation of information utilities registered by the IBBI and the implementation status of Legal Entity Identifier (LEI).
• Recommendations of the committees on FinTech and digital innovations, Stewardship Code and recommendations of shadow banking implementation group were also discussed at the meeting.
• Activities of FSDC’s various technical groups as well as the functioning of State Level Coordination Committees were also reviewed.

Quick Facts about Financial Stability and Development Council (FSDC):

FSDC is an apex-level body setup in 2010 by Government of India as an autonomous non-statutory body.

• Key task of FSDC is to track and evaluate the global and domestic developments which may affect financial stability of India.
• Idea to have such a body was first recommended by Raghuram Rajan Committeein 2008.
• FSDC was formed in the wake of 2008 global meltdown and to avoid such situations in future.