A meeting of the Sub-Committee of the Financial Stability and Development Council (FSDC) was held today in Mumbai. Dr. Raghuram G. Rajan, Governor, Reserve Bank of India, chaired the meeting. The meeting was attended by the members of the Sub-Committee - Shri Ashok Lavasa, Finance Secretary, Shri T. S. Vijayan, Chairman, Insurance Regulatory and Development Authority of India (IRDAI), Shri Hemant G. Contractor, Chairman, Pension Funds Regulatory and Development Authority (PFRDA), Deputy Governors of the Reserve Bank, Dr. Urjit Patel and Shri N. S. Vishwanathan, Shri Ajay Tyagi, Additional Secretary, Ministry of Finance and Shri Deepak Mohanty, Executive Director of the Reserve Bank and Member Secretary of the Sub-Committee. SEBI was represented by Shri Rajeev Kumar Agarwal, Whole Time Member. Executive Directors of the Reserve Bank as well as other officials from the Reserve Bank and the Ministry of Finance also attended the meeting.

The Sub-Committee reviewed the major developments on the global and domestic fronts that impinge on the financial stability of the country. Reports of the FSB Peer Review of India and the Working Group on Development of Corporate Bond Market in India, issues regarding the proposed Bill on setting up of a statutory Financial Data Management Centre (FDMC), Minimum Assured Return Scheme under the National Pension System (NPS) and regulation of spot exchanges were the other topics discussed during the meeting.

The meeting also reviewed the functioning of the State Level Co-ordination Committees (SLCCs) in various States/ Union Territories, the activities of the various Technical Groups of the Sub-Committee and the progress achieved on the decisions/ recommendations emanating from the earlier meetings of the Sub-Committee.

Alpana Killawala
Principal Adviser

Press Release : 2016-2017/528