Panel reviews factors affecting country's financial health

Chiefs of financial sector regulators, including that of RBI and SEBI, along with senior officials at the finance ministry today took stock of the major developments on the global and domestic fronts that impinge on the financial stability of the country.
The group, headed by Reserve Bank of India Governor Raghuram Rajan, is one of the sub-committees of the Financial Stability and Development Council (FSDC), the apex inter-regulatory body headed by the finance minister.
The sub-committee discussed issues related to need for having a stewardship code, constitution of a working group on gold, peer review of India by Financial Stability Board, Financial Sector Assessment Programme, the need to keep abreast of Fintech and digital innovations and peer-to-peer lending, the RBI said in a statement.

The subcommittee also discussed need to regulate credit guarantee schemes, concerns regarding deposit raising by multi-state co-operative societies, the state of regulation of collective investment schemes, transparency in private placement of debt securities, constitution of a committee on household finance, it added.
The meeting was attended by Sebi Chairman U K Sinha, insurance regulator T S Vijayan and pension fund regulator Hemant G Contractor, RBI Deputy Governors, Urjit R Patel, R Gandhi and S S Mundra, member secretary of the sub-committee Deepak Mohanty, among others.