RBI panel on financial stability reviews macroeconomic developments

RBI Governor Sanjay Malhotra-headed Sub-Committee of FSDC-SC on Thursday discussed major global and domestic macroeconomic and financial sector developments and various issues that may have financial stability implications.

The panel reviewed the progress in several inter-regulatory matters including simplification of KYC processes and special drives for financial inclusion, the RBI said after a meeting of the Sub-Committee of the Financial Stability and Development Council (FSDC-SC) chaired by the governor.

"The FSDC-SC reaffirmed its commitment to continue its focus on improving financial sector resilience through inter-regulatory coordination; and keeping a close watch on emerging challenges including those from heightened trade uncertainty and persisting geopolitical frictions," it said.

The panel also deliberated upon the National Strategy for Financial Inclusion (NSFI) 202530.

It also reviewed the functioning of State-Level Coordination Committees (SLCCs) in states and Union Territories and activities of various technical groups.

The meeting was attended by Tuhin Kanta Pandey (Chairperson, SEBI); Ajay Seth (Chairperson, IRDAI); S Raman (Chairperson, PFRDA); and Ravi Mittal (Chairperson, IBBI).

Nagaraju Maddirala, Secretary, Department of Financial Services; V Anantha Nageswaran, Chief Economic Adviser; and Chanchal Sarkar, Secretary, Financial Stability and Development Council, also attended the meeting.

RBI deputy governors M Rajeshwar Rao, T Rabi Sankar, Swaminathan J and Poonam Gupta, and Executive Director A R Joshi too participated in the meeting.