Covid-19 challenge: FSDC Sub-Committee members resolve to remain vigilant

The members of the Sub-Committee of the Financial Stability and Development Council (FSDC) on Thursday resolved to remain vigilant and proactive to ensure that financial markets and financial institutions continue to be resilient in the face of fresh challenges brought on by the resurgence of the pandemic.

The members also discussed their assessment of the scenario emerging from the second wave of the Covid-19 pandemic, RBI said in a statement.

The virtual meeting of FSDC’s Sub-Committee was attended by top officials of all financial sector regulators, Secretaries of the Department of Economic Affairs, Department for Financial Services, Department of Revenue, Ministry of Corporate Affairs, Ministry of Electronics and Information Technology, Chief Economic Adviser and top RBI officials.

The meeting, which was chaired by RBI Governor Shaktikanta Das, undertook an extensive review of the major developments in the global and domestic economy as well as in various segments of the financial system, the central bank said.

The members also discussed various inter-regulatory issues. The Sub-Committee reviewed the activities of various technical groups under its purview and the functioning of State Level Coordination Committees (SLCCs) in various states / UTs.

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