Bombay:
The Financial Stability and Development Board (FSDC) led by Shaktikanta Das, governor of the Reserve Bank of India (RBI), assessed the prevailing economic situation in the country on Thursday amid a spike in coronavirus cases due to the coronavirus outbreak. spread of Omicron. The panel decided to monitor developments closely to ensure financial stability.
The FSDC meeting was attended by all financial industry regulators, including SEBI, IRDAI, PFRDA and IBBI. It was held virtually.
“Members have decided to monitor developments closely and act proactively to ensure that financial institutions and financial markets remain resilient amid the challenges posed by the resurgence of the pandemic,” the RBI said in a statement. press release.
The subcommittee reviewed key developments in the global and domestic economy and in various segments of the financial system and discussed members’ assessments of the scenario emerging from the third wave of the pandemic.
Among other things, it discussed various inter-regulatory issues and matters related to the use of Aadhaar-based e-KYC and Aadhaar Enabled Payment System by regulated entities.
It also assessed the activities of various technical groups under its jurisdiction and the functioning of the State Level Coordination Committees (SLCCs) in various States and Union territories.
The meeting was attended by Secretary of Finance TV Somanathan, Secretary of Expenditure, Secretary of Economic Affairs, Secretary of Revenue, Secretary of Corporate Affairs, Secretary of IT and Secretary FSDC.