Regulators, top govt officials meet to pull economy out of crisis

They also deliberated upon the status and developments under the IBC, and the working of credit rating agencies, the RBI said in a statement.

The sub-committee of the Financial Stability and Development Council (FSDC), chaired by the RBI governor, met on Thursday and decided to do whatever necessary to revive economic growth and preserve financial stability. 

In the first meeting since the Covid-19 outbreak, the sub-committee discussed 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. It also deliberated upon the status and developments under the Insolvency and Bankruptcy Code (IBC), and the working of credit rating agencies, the RBI said in a statement. 

“Overall, given the prevailing extraordinary circumstances, the sub-committee unanimously resolved that (a) every participating regulator and ministry will continue to remain alert and watchful of the emerging challenges; (b) interact more frequently, both formally and informally, as also collectively; and (c) do whatever is necessary to revive the economy and preserve financial stability,” the statement said.