It assumes importance in consolidating financial stability amidst global economic constraints, which have led to skyrocketing inflation around the world following supply-side unrest as a result of the Ukraine-Russia war.
26th FSDC meeting Held in Mumbai was chaired by the Union Minister of Finance and Corporate Affairs Nirmala Sitharaman,
“It was noted that there is a need to monitor financial sector risks, financial conditions and market developments on an ongoing basis by the government and regulators so that appropriate and timely action is taken to mitigate any vulnerabilities and strengthen the financial sector.” stability,” the finance ministry said in a statement.
The Council deliberated on the issues of early warning indicators for the economy and preparedness to deal with them, improving the efficiency of existing financial/credit information systems, governance and management in systemically important financial institutions.
Issues such as the cyber security framework in the financial sector and the relevance of customer identities common to all financial services were also discussed. The members highlighted the importance of funding the power sector and the need for all government departments to utilize the services of registered valuers.
The Council also took note of the preparedness regarding financial sector issues to be raised during India’s G20 Presidency in 2023.
The meeting was attended by Junior Finance Minister Bhagwat Kishanrao Karad and Pankaj Chaudhary, reserve Bank of India Governor Shaktikanta Das and several officials of the Ministry of Finance.