Union Finance Minister Nirmala Sitharaman on Friday chaired the 30th meeting of the Financial Stability and Development Council (FSDC) in New Delhi, bringing together the Reserve Bank of India Governor, the heads of India's financial-sector regulators and senior government officials, ANI reported.
Source: ANI via LatestLY
The meeting was attended by the RBI Governor and the secretaries of the Department of Economic Affairs, the Department of Revenue and the Department of Financial Services, along with the Chief Economic Adviser to the Government of India, according to the ANI report.
The chairpersons of the Securities and Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority of India (IRDAI), the International Financial Services Centres Authority (IFSCA), the Pension Fund Regulatory and Development Authority (PFRDA) and the Insolvency and Bankruptcy Board of India (IBBI) were also present.
Senior officials from the Ministry of Electronics and Information Technology (MeitY) and the Indian Computer Emergency Response Team (CERT-In) also attended the meeting, the report said.
What the FSDC does
The FSDC is the government's apex-level forum for financial stability, financial-sector development and coordination among financial regulators. Constituted through a government notification dated December 30, 2010, it is chaired by the Union Finance Minister, and its remit also covers financial literacy, financial inclusion and macroprudential supervision of the economy, including the functioning of large financial conglomerates.
The council met on a day when Indian equity benchmarks extended their losing run, with the Sensex and Nifty sliding after a positive open as Brent crude traded near $114 a barrel and global technology stocks sold off, The Hindu BusinessLine reported in its live market coverage.
Source: The Hindu BusinessLine
The Finance Ministry confirmed the meeting in a social media post quoted by ANI. The wire report did not list specific decisions taken at the meeting, and a detailed official readout had not been published in the report at the time of writing.