28th meeting of Financial Stability and Development Council (FSDC) was chaired by union finance minister

28th meeting of Financial Stability and Development Council (FSDC) was chaired by union finance minister

The 28th session of the Financial Stability and Development Council (FSDC) has been recently chaired by the Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman in New Delhi.

The Financial Stability and Development Council deliberated on the macro Financial stability issues and India’s current situation to deal with those issues. The FSDC is an important meeting to discuss some major ongoing issues of the country.

This is the 28th meeting of the Financial Stability and Development Council which is scheduled to be held in New Delhi and it was chaired by the Union Finance Minister Nirmala Sitharaman. The ongoing issues to support GIFT IFSC to help it to be one of the prominent International Financial centers were also discussed in the meeting.

In the aspect of GIFT IFSC, the main focus of the meeting was to encourage the envisioned role of GIFT IFSC to facilitate foreign capital and provide Financial Services for the development and growth of the domestic economy of the country.

Important discussed issues:

• One of the main issues discussed in the 28th meeting of FSDC was prescribing Uniform Know Your Customer (KYC) norms and encouraging the inter usability of KYC records. The FSDC meeting was also majorly focused on the simplification and digitalization of the KYC process.
• The second major issue discussed in the 28th meeting of the Financial Stability and Development Council was encouraging the fundraising through social stock exchange by social enterprises.
• The other issue discussed in the meeting was to address the harmful and dangerous effects of unauthorized lending by online apps and also discussed the important measures and steps to combat the speed of these practices.

Objective:

The main objective of the Financial Stability and Development Council is to consider the global and domestic macroeconomic situation and make efforts to maintain vigilance and detect any emerging Financial risks and also find necessary measures to maintain the Stability and resilience of the Financial sector in the country.

Prominent personalities attended the meeting:

There were some prominent personalities presented at the 28th meeting of the Financial Stability and Development Council in New Delhi such as Union Minister of State  for Finance Dr. Bhagwat Kishanrao Karad; Shri Shaktikanta Das, Governor, Reserve Bank of India (RBI); Dr. T.V. Somanathan, Finance Secretary and Secretary, Department of Expenditure, Ministry of Finance (MoF); Shri Ajay Seth, Secretary, Department of Economic Affairs, MoF; Dr. Vivek Joshi, Secretary, Department of Financial Services, MoF; Shri Sanjay Malhotra, Secretary, Department of Revenue, MoF;  Dr. Manoj Govil, Secretary, Ministry of Corporate Affairs (MCA); Shri S. Krishnan, Secretary, Ministry of Electronics and Information Technology etc.

Conclusion:

The Financial Stability and Development Council is adhered to maintain the Stability in the financial sector and make necessary efforts to deal with any emerging Financial Stability risks. This meeting has important significance in the financial sector of the country.

Important Questions:

1. The 28th session of the Financial Stability and Development Council was held in which city?
2. Write down some major issues discussed in the meeting of Financial Stability and Development Council.

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