SunstarTV Bureau: Union Minister for Finance and Corporate Affairs Nirmala Sitharaman chaired the 23rd Meeting of the Financial Stability and Development Council (FSDC) through video conference, today.
It was noted that there is a need to keep a continuous vigil by the Government and all regulators on the financial conditions that could expose financial vulnerabilities in the medium and long-term.
The Council discussed the challenges involved in the smooth transition of London Interbank Offer Rate (LIBOR) based contracts and noted that a multipronged strategy involving relevant stakeholder institutions and departments is required in this regard.
The Council also took note of the activities undertaken by the FSDC Sub-Committee chaired by the Governor of RBI and the action taken by members on FSDC decisions earlier.
The meeting was also virtually attended by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs; Dr Ajay Bhushan Pandey, Finance Secretary; Shri Ajay Prakash Sawhney, Secretary, Ministry of Electronics and Information Technology; Shri Debasish Panda, Secretary, Department of Financial Services; Shri TuhinKanta Pandey, Secretary (In-charge), Ministry of Corporate Affairs; Shri Tarun Bajaj, Secretary, Department of Economic Affairs.
Shri Shaktikanta Das, Governor, Reserve Bank of India, Dr. Krishnamurthy V. Subramanian, Chief Economic Adviser, Shri Ajay Tyagi, Chairperson, Securities and Exchange Board of India; Shri Subhash Chandra Khuntia, Chairperson, Insurance Regulatory and Development Authority of India; Shri Supratim Bandyopadhyay, Chairperson, Pension Fund Regulatory and Development Authority, Dr. M.S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India and Shri Injeti Srinivas, Chairman International Financial Services Centres Authority and other senior officers of the Government of India and Financial Sector Regulators were present in the conference.