FSDC reviews major impact on global/ domestic economy and financial markets

A meeting of the Sub-Committee of the Financial Stability and Development Council (FSDC) was held today (January 13, 2021) in Mumbai through video conference. RBI Governor Shri Shaktikanta Das, chaired the meeting.

In the meeting, topics of the major impact on global and domestic economy as well as financial financial stability were discussed. The following key matters were in the agenda of the meeting.

1. Scope for improvements in insolvency resolution under IBC;
2. Utilisation of data with the Central KYC Records Registry;
3. The changes in the regulatory framework relating to Alternative Investment Funds (AIFs) set up in the International Financial Services Centre (IFSC), among others;
4. Activities of various technical groups under its purview and the functioning of State Level Coordination Committees (SLCCs) in various states / UTs.

The following members of the sub-committee were present in the meeting.

• 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);
•  Shri Debasish Panda, Secretary, Department for Financial Services;
• Shri Rajesh Verma, Secretary, Ministry of Corporate Affairs;
• Shri Ajay Prakash Sawhney, Secretary, Ministry of Electronics and Information Technology;
•  Dr. Krishnamurthy Subramanian, Chief Economic Adviser;
•  Dr. Shashank Saksena, Secretary, Financial Stability and Development Council;
• Shri B. P. Kanungo, Deputy Governor of the Reserve Bank
• Shri Mahesh Kumar Jain, Deputy Governor of the Reserve Bank
• Dr. Michael Debabrata Patra, Deputy Governor of the Reserve Bank
• Shri M. Rajeshwar Rao; Deputy Governor of the Reserve Bank
• Dr. O. P. Mall, Executive Director of the Reserve Bank

The regulators representing RBI, SEBI, IRDAI, PFRDA, reaffirmed their resolve to be alert and watchful of emerging challenges to financial stability.