New Delhi [India], June 10 : The Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, chaired the 29th meeting of the Financial Stability and Development Council (FSDC) in Mumbai on Tuesday. The meeting was also attended by Union Minister of State for Finance Pankaj Chaudhary.
A senior official of the finance ministry, RBI Governor Sanjay Malhotra, and SEBI Chairman Tuhin Kanta Pandey are also attending the meeting.
"Also present during the #FSDC meeting are Governor @RBI; Finance Secretary and Secretary, D/o Economic Affairs; Secretaries of @DFS_India; D/o Revenue; OSD DEA @FinMinIndia; and @MCA21India; Chief Economic Adviser; Chairpersons @SEBI_India, @IFSCA_Official, senior representatives from @PFRDAOfficia, @IBBIlive, IRDAI, @IndianCERT, and other senior officials of @FinMinIndia," the Ministry of finance said on social media platform 'X'.
The Financial Stability and Development Council (FSDC), established by the Government in December 2010, serves as the apex forum aimed at fortifying financial stability, fostering inter-regulatory coordination, and advancing the development of the financial sector.
The gathering provided a platform to deliberate on critical issues concerning financial stability, inter-regulatory coordination, and the development of the financial sector in India.
In the last meeting, the 28th FSDC meeting, one of the primary objectives of the FSDC was to ensure macro-prudential supervision of the economy, including monitoring the functioning of large financial conglomerates.
Additionally, the council addressed matters about inter-regulatory coordination and financial sector development, with a focus on enhancing financial literacy and fostering financial inclusion initiatives across the nation.
The FSDC meeting underscored the government's commitment to maintaining a robust and resilient financial system that not only fosters economic growth but also safeguards the interests of all stakeholders.
As India continues its journey towards becoming a global economic powerhouse, forums like the FSDC play a pivotal role in shaping policies and regulations to navigate the complexities of the financial landscape.
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