A Sub Committee of the Financial Stability and Development Council (FSDC), Chaired by Reserve Bank of India (RBI) Governor Urjit R Patel, has reviewed major developments on global and domestic fronts that could impact on the financial stability of the country. The panel also discussed issues related to establishment of the National Centre for Financial Education (NCFE), operationalisation of information utilities registered by the IBBI, sharing of data among regulators and the implementation status of Legal Entity Identifier (LEI).
The FSDC also reviewed the activities of its various technical groups as well as the functioning of State Level Coordination Committees (SLCCs). In addition to this, it also discussed on the recommendations of the committees on FinTech and digital innovations, shadow banking implementation group and Stewardship Code.
The meeting was attended by Ministry of Corporate Affairs secretary Injeti Srinivas, Securities and Exchange Board of India (SEBI) chairman Ajay Tyagi, PFRDA chairman Hemant G Contractor, IBBI chief M S Sahoo, RBI deputy governors N S Vishwanathan, Viral V Acharya and B P Kanungo, FSDC secretary C S Mohapatra and RBI executive director Deepak Mohanty. The government has set up the FSDC to strengthen and institutionalise mechanism to maintain financial stability, enhance inter-regulatory coordination and promote financial sector development.