A meeting of the Sub-Committee of the Financial Stability and Development Council (FSDC) was held today in Mumbai. Dr. Raghuram G. Rajan, Governor, Reserve Bank of India, chaired the meeting. The meeting was attended by Dr. Arvind Subramanian, Chief Economic Adviser, Ministry of Finance; Shri U. K. Sinha, Chairman, Securities and Exchange Board of India (SEBI); Shri T. S. Vijayan, Chairman, Insurance Regulatory and Development Authority of India (IRDAI); Shri Hemant G. Contractor, Chairman, Pension Fund Regulatory and Development Authority (PFRDA); Deputy Governors of the Reserve Bank, Dr. Urjit R. Patel, Shri R. Gandhi and Shri S. S. Mundra; Shri Deepak Mohanty, Member Secretary of the Sub-Committee and Executive Director of the Reserve Bank as also other officials from the Reserve Bank and the Ministry of Finance.
The Sub-Committee reviewed the major developments on the global and domestic front that impinge on the financial stability of the country. Need for having a stewardship code, constitution of a working group on gold, peer review of India by Financial Stability Board, Financial Sector Assessment Programme, the need to keep abreast of Fintech and digital innovations and peer-to-peer lending, the need to regulate credit guarantee schemes, concerns regarding deposit raising by multi-state co-operative societies, the state of regulation of collective investment schemes, transparency in private placement of debt securities, constitution of a committee on household finance, etc. were discussed.
The Sub-Committee also took note of the functioning of the various Technical Groups under its ambit and the progress achieved on the decisions/ recommendations emanating from its earlier meetings.