Nirmala Sitharaman chairs 22nd Meeting of the Financial Stability and Development Council
- Finance Minister Nirmala Sitharama reviewed the state of the economy at the meeting of the Financial Stability and Development Council (FSDC), in view of disruptions caused by the COVID-19 pandemic.
- This was the first meeting of the FSDC, which comprises RBI Governor and other financial sector regulators, since the coronavirus outbreak.
- The 22nd meeting of the FSDC, which was held via video conferencing, assumes a greater significance considering that the economy is expected to contract by 5 per cent by some estimates amid the virus crisis.
- Various measures to maintain financial stability in the context of COVID-19 have been reviewed, an official said after the meeting.
- The meeting also took note of the activities undertaken by the FSDC Sub-Committee chaired by RBI Governor Shaktikanta Das and the initiatives taken by the various regulators in the financial sector.
- The FSDC is the apex body of sectoral regulators, headed by the finance minister.
- Besides the RBI governor, SEBI chief Ajay Tyagi, IRDAI chairman Subhash Chandra Khuntia, Insolvency and Bankruptcy Board of India (IBBI) chairman M S Sahoo and PFRDAI chairman Supratim Bandyopadhyay were present in the meeting.
- Economic Affairs Secretary Tarun Bajaj, Revenue Secretary Ajay Bhushan Pandey, Financial Services Secretary Debasish Panda and other top officials of the finance ministry also attended the meeting.
- This was be the third meeting of the FSDC after the Narendra Modi government returned for the second term in May last year.
- The RBI last week said the impact of COVID-19 is more severe than anticipated and the GDP growth during the current financial year is likely to remain in the negative territory. It projected some pick-up in growth impulses from the second half (October-March) of 2020-21 onwards.
About FSDC–
- Financial Stability and Development Council is an apex-level body constituted by the government of India. The idea to create such a super regulatory body was first mooted by the Raghuram Rajan Committee in 2008.
- Founded – November 2017
- Chief Person– Finance Minister of India
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