FM Sitharaman reviews issues concerning Banking, NBFCs during 20th meeting of FSDC

New Delhi: The 20th Meeting of the Financial Stability and Development Council (FSDC) was held under the chairmanship of the Finance Minister Nirmala Sitharaman during which the current global and domestic economic situation and financial stability issues including, inter-alia, those concerning Banking and NBFCs were reviewed.

The Council was also apprised of the progress made towards setting-up of the Financial Data Management Centre (FDMC) to facilitate integrated data aggregation and analysis as also a Computer Emergency Response Team (CERT-Fin) towards strengthening the cyber security framework for the financial sector.

The Council held consultations to obtain inputs, suggestions of the financial sector regulators for the Budget. All the regulators presented their proposals for the Union Budget 2019-20.

It also took note of the activities undertaken by the FSDC Sub-Committee Chaired by Governor, RBI and the action taken by Members on the decisions taken in earlier Meetings of the Council.

The FSDC Meeting was attended by Anurag Thakur, MoS (Finance &Corporate Affairs), Shaktikanta Das, Governor, Reserve Bank of India (RBI); Subhash Chandra Garg, Finance Secretary and Secretary, Department of Economic Affairs; Rajiv Kumar, Secretary, Department of Financial Services and other senior government officers and the Financial Sector Regulators.