Financial Stability and Development Council Says Constant Vigil Needed On Financial Conditions

The 25th meeting of the Financial Stability and Development Council (FSDC) was held in Mumbai yesterday, under the Chairpersonship of Union Finance Minister Nirmala Sitharaman. The Council deliberated on the various mandates of the FSDC and major macro-financial challenges arising in view of global and domestic developments. The Council noted that Government and all regulators need to maintain constant vigil on the financial conditions and functioning of important financial institutions, especially considering that it could expose financial vulnerabilities in the medium and long-term. The Council discussed measures required for further development of the financial sector and to achieve an inclusive economic growth with macroeconomic stability. The Council discussed operational issues relating to currency management. It also took note of the activities undertaken by the FSDC Sub-Committee chaired by the RBI Governor and the action taken by members on the past decisions of FSDC.

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