FSDC sub-committee advocates vigil, to help revive economy

The 24th meeting of the Financial Stability and Development Council (FSDC) sub-committee, chaired by RBI Governor Shaktikanta Das, on Thursday decided to remain vigilant and “do whatever is necessary to revive the economy and preserve financial stability”.

It also discussed the working of credit rating agencies and the status and developments under the Insolvency and Bankruptcy Code (IBC), 2016 at the meeting held through video link.

The sub-committee, comprising financial regulators and senior central government officials and advisors, reviewed the major developments in global and domestic economy and financial markets that impinged upon financial stability.

“The sub-committee also discussed about the proposal of setting up of an Inter Regulatory Technical Group on Fintech (IRTG-Fintech) and the National Strategy on Financial Education (NSFE) 2020-2025,” RBI said in a statement.

The sub-committee resolved that “every participating regulator and ministry will continue to remain alert and watchful of the emerging challenges; interact more frequently, both formally and informally, as also collectively; and do whatever is necessary to revive the economy and preserve financial stability”.

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