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Monitor financial sector risks for timely action: FSDC

The council discussed the early warning indicators for the economy, the preparations of the administration to deal with them

The council discussed the early warning indicators for the economy, the preparations of the administration to deal with them

Finance Minister Nirmala Sitharaman on Thursday addressed the Financial Stability and Development Council (FSDC) meeting on the need for the government and regulators to monitor financial sector risks and market developments on an ongoing basis and take timely action to mitigate vulnerabilities. emphasized.

The systemic issues discussed by the council, chaired by Ms Sitharaman, included early warning indicators for the economy and the administration’s preparedness to deal with them. The council, which includes all financial sector regulators and top officials of the finance ministry, met in Mumbai.

“The Council also took note of the preparedness with respect to the financial sector issues to be raised during India’s G20 Presidency in 2023,” the Finance Ministry said in a statement.

Issues of improving the efficiency of existing financial and credit information systems, governance and management in systemically important financial institutions including financial market infrastructure and strengthening of cyber security framework in the financial sector were also discussed.

“A common KYC for all financial services, updates on account aggregators and next steps, issues related to power sector financing were also discussed along with the need to utilize the services of registered assessees by all government departments,” the ministry said.

“The strategic role of GIFT IFSC in a new self-reliant India and the inter-regulatory issues of GIFT-IFSC were also deliberated upon” by the Council.

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