Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman presided over the 28th Meeting of the Financial Stability and Development Council (FSDC) held today in New Delhi.
The gathering addressed critical issues pertaining to macro financial stability and India's readiness to confront them effectively. Among the key deliberations were ongoing inter-regulatory matters aimed at bolstering the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) to solidify its position as a global financial hub, facilitating foreign capital inflow and financial services for the domestic economy.
During the meeting, the FSDC outlined strategies for implementing decisions and Union Budget announcements. These strategies encompassed various initiatives, including the standardization of Know Your Customer (KYC) norms, promoting the interchangeability of KYC records across the financial sector, and streamlining and digitizing the KYC process.
Deliberations focused on initiating fundraising endeavors for social enterprises through social stock exchanges and implementing measures to curb the adverse effects of unauthorized lending via online platforms.
Emphasizing the significance of maintaining constant vigilance, FSDC members highlighted the need for proactive efforts in detecting emerging financial stability risks. They stressed on the importance of taking necessary measures to fortify the resilience of the financial sector amidst evolving domestic and global macro-financial scenarios.
Strengthening inter-regulatory coordination emerged as a priority to foster the continued development of the financial sector, ensuring its ability to provide essential financial resources for inclusive economic growth.
The meeting also acknowledged the activities undertaken by the FSDC Sub-Committee, chaired by the Governor of the Reserve Bank of India, and reviewed the progress made on previous decisions of the FSDC.
Notable attendees at the meeting included Union Minister of State for Finance, Bhagwat Kishanrao Karad, Governor of the Reserve Bank of India, Shaktikanta Das and Finance Secretary, T.V. Somanathan, and other key officials from various ministries and regulatory bodies.
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