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    FSDC panel to take stock of economy

    Synopsis

    The meeting comes at an important time as the government and Mint Road grapple with NBFC crisis.

    economy-bccl
    The subcommittee is a part of the council and has replaced the high-level co-ordination committee on financial markets.
    The subcommittee of the Financial Stability and Development Council (FSDC), an inter-regulatory body headed by Reserve Bank of India governor Shaktikanta Das, will meet in Mumbai on September 27 to take stock of the developments in the Indian economy in the past six months even as the central bank takes inputs from other regulators for its bi-annual financial stability report.

    The subcommittee meeting comes at an important time as the government and Mint Road grapple with an economic slowdown and liquidity crisis facing non banking financial companies (NBFCs). The crisis is threatening to engulf other pockets of the economy.

    “The main agenda in front of the committee is to take inputs from other regulators for the RBI’s financial stability report, which is slated to come out at the end of December. The central bank has always taken inputs from other regulators for this report. Other issues that come up during the discussion are based on what the regulators want,” said a person familiar with the plans.

    The FSDC itself is an apex body chaired by the finance minister, and involves officials from different departments of the government and regulators from the financial markets. It was formed in 2010 to bring greater co-ordination between the government and regulators in light of the 2008 financial crisis.

    The subcommittee is a part of the council and has replaced the high-level co-ordination committee on financial markets.

    The last meeting of this subcommittee was chaired by RBI governor Das and included finance secretary SC Garg, corporate affairs secretary Injeti Srinivas, chief economic advisor Krishnamurthy Subramanian and chiefs of the Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA), and representatives from the Securities and Exchange Board of India (Sebi) and Insolvency and Bankruptcy Board of India (IBBI), besides RBI deputy governors and other officials. The committee will review major developments on the global and domestic economic fronts and could discuss ways to address the current challenges that face the economy.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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