The financial stability and development council (FSDC) led by Reserve Bank of India (RBI) governor Shaktikanta Das on Thursday reviewed the prevailing economic situation in the country amid a spike in Coronavirus cases due to Omicron spread. The panel resolved to keep a close eye on the unfolding developments to ensure financial stability.
The FSDC meeting was attended by all financial sector regulators including SEBI, IRDAI, PFRDA and IBBI. It was held virtually.
“The members resolved to maintain a close watch on the unfolding developments and act proactively to ensure that financial institutions and financial markets remain resilient amidst the challenges posed by the resurgence of the pandemic,” the RBI said in a release.
The sub-committee reviewed the major developments in the global and domestic economy as well as in various segments of the financial system and discussed the assessments of members about the scenario emerging from the third wave of the pandemic.
Among others, it discussed various inter-regulatory issues and matters relating to the use of Aadhaar-based e-KYC and Aadhaar Enabled Payment System by regulated entities.
It also reviewed the activities of various technical groups under its purview and the functioning of state level coordination committees (SLCCs) in various states and Union Territories.
The meeting was attended by finance secretary T V Somanathan, expenditure secretary, economic affairs secretary, revenue secretary, corporate affairs secretary, IT secretary and secretary FSDC.