FM chairs FSDC meet before Budget; regulators submit proposals

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New Delhi, Jun 21 (UNI) The 20th meeting of the Financial Stability and Development Council (FSDC) was held on Wednesday under the chairmanship of Union Minister of Finance and Corporate Affairs Nirmala Sitharaman.

The meeting reviewed the current global and Indian economic situation and financial stability issues including, inter-alia, those concerning Banking and NBFCs.

The Council was also apprised of the progress made towards setting-up of the Financial Data Management Centre (FDMC) to facilitate integrated data aggregation and analysis as also a Computer Emergency Response Team (CERT-Fin) towards strengthening the cyber security framework for the financial sector.

The Council also held consultations to obtain inputs or suggestions of the financial sector regulators for the Budget. All the regulators presented their proposals for the Union Budget 2019-20.

The FSDC also took note of the activities undertaken by the FSDC Sub-Committee Chaired by Governor, RBI and the action taken by Members on the decisions taken in earlier meetings of the Council.

The meeting was attended by Anurag Thakur, MoS (Finance and Corporate Affairs); Shaktikanta Das, Governor, Reserve Bank of India; Subhash Chandra Garg, Finance Secretary and Secretary, Department of Economic Affairs; Rajiv Kumar, Secretary, Department of Financial Services; Injeti Srinivas, Secretary, Ministry of Corporate Affairs among others.

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