Sitharaman chairs 26th meet of Financial Stability and Development Council

Union Finance Minister Nirmala Sitharaman on Thursday reviewed the state of the economy at the Financial Stability and Development Council (FSDC) meeting in Mumbai, the Ministry of Finance said in a statement.

The council stressed on the early warning indicators for the economy and the preparedness to deal with them, improving the efficiency of the existing financial and credit information systems, and issues of governance and management in systemically important financial institutions.

"It was noted that there is a need to monitor the financial sector risks, the financial conditions and market developments on a continuous basis by the Government and the regulators so that appropriate and timely action can be taken so as to mitigate any vulnerability and strengthen financial stability," the Finance Ministry statement read.

The council also took note of the preparation in respect of financial sector issues to be taken up during India's G20 Presidency in 2023.

The finance minister is on a three-day visit to the financial capital, where she is meeting representatives of the industry, market and bankers.

The meeting was attended by Minister of State for Finance Dr Bhagwat Kishanrao Karad; Minister of State for Finance Pankaj Chaudhary, RBI Governor Shaktikanta Das, Dr TV Somanathan, Finance Secretary and Expenditure Secretary Ajay Seth, Economic Affairs Secretary Tarun Bajaj, Revenue Secretary Sanjay Malhotra, Financial Services Secretary Dr V Anantha Nageswaran, Chief Economic Adviser, Ministry of Finance, Securities and Exchange Board of India (SEBI) Chairman Madhabi Puri Buch, Insurance Regulatory and Development Authority of India (IRDAI) Chairman Debasish Panda, Insolvency and Bankruptcy Board of India (IBBI) Chairman Ravi Mital, Chairperson, International Financial Services Centres Authority, and the Secretary of the FSDC, Department of Economic Affairs Injeti Srinivas and Pension Fund Regulatory and Development Authority (PFRDA) Chairman Supratim Bandyopadhyay.