NEW DELHI: The Twenty-Sixth meeting of the Financial Stability and Development Council (FSDC ) will be taken place in Mumbai today under the chairpersonship of Finance Minister Nirmala Sitharaman. The finance minister is on a 3-day visit to Mumabi, where she is meeting representatives of the industry, market and bankers.
The council will discuss the main FSDC missions and the biggest financial concerns emerging in light of domestic and international developments during today's meeting. The council will also talk about further steps to promote inclusive growth and macroeconomic stability in the economy as well as to advance the financial sector.
The meeting will be attended by RBI Governor Shaktikanta Das, Dr. T V Somanathan, Ajay Seth, secretary of finance and expenditure, Tarun Bajaj, secretary of revenue, Sanjay Malhotra, secretary of financial services Dr. V Anantha Nageswaran, chief economist for the ministry of finance, Madhabi Puri Buch, chairman of the Securities and Exchange Board of India (SEBI), Debasish Panda, among others.
In order to reinforce and institutionalise the process for preserving financial stability, improve inter-regulatory coordination, and foster the growth of the financial sector, the council was established by the government in cooperation with financial market regulators.
The council oversees macro-prudential oversight of the economy, including the operation of big financial conglomerates, and resolves issues related to inter-regulatory coordination and financial sector development without impinging on regulators' autonomy. It also emphasises financial inclusion and financial knowledge.
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