Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman chaired the 27th Meeting of the Financial Stability and Development Council (FSDC) here today, for the first time after the announcement of the Budget 2023-24.
During the meeting of the Council, it was discussed that the policy and legislative reform measures required to further develop the financial sector may be formulated and implemented expeditiously to not only increase the financial access of the people, but also increase their overall economic well-being.
Union Finance Minister Smt. Sitharaman advised that:
The Council, inter alia, also deliberated on Early Warning Indicators for the economy and our preparedness to deal with them, Reducing Compliance Burden on the regulated entities in the financial sector by Improving Regulatory Quality, Debt Levels of Corporates and Households in India, Simplification and Streamlining of KYC Framework to meet the needs of Digital India, Seamless Experience for Retail Investors in Government Securities, Bimakrit Bharat – Unique Value Proposition to take insurance to last mile, and support required in terms of resolving inter-regulatory issues for GIFT IFSC to play strategic role in Atmanirbhar Bharat. The Council also took note of the activities undertaken by the FSDC Sub-Committee chaired by the RBI Governor and the action taken by members on the past decisions of the FSDC.
The meeting was attended by Union Ministers of State for Finance Shri Pankaj Chaudhary and Dr. Bhagwat Kishanrao Karad; Shri Shaktikanta Das, Governor, Reserve Bank of India; Dr. T. V. Somanathan, Finance Secretary and Secretary, Department of Expenditure, Ministry of Finance; Shri Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance; Dr. Vivek Joshi, Secretary, Department of Financial Services, Ministry of Finance; Shri Sanjay Malhotra, Secretary, Department of Revenue, Ministry of Finance; Dr. Manoj Govil, Secretary, Ministry of Corporate Affairs; Dr. V. Anantha Nageswaran, Chief Economic Adviser, Ministry of Finance; Ms. Madhabi Puri Buch, Chairperson, Securities and Exchange Board of India; Shri Debasish Panda, Chairperson, Insurance Regulatory and Development Authority of India; Dr. Deepak Mohanty, Chairperson, Pension Fund Regulatory and Development Authority; Shri Ravi Mital, Chairperson, Insolvency and Bankruptcy Board of India; Shri Injeti Srinivas, Chairperson, International Financial Services Centres Authority; and the Secretary of the FSDC, Department of Economic Affairs, Ministry of Finance.