RBI Governor-led panel reviews economic scenario

A panel of RBI led by Governor Shaktikanta Das reviewed the economic situation of the country today.

Mumbai: The Financial Stability and Development Council (FSDC) led by Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday reviewed the current economic situation in the country amid a spike in coronavirus cases due to the omicron spread. The panel resolved to keep a close watch on the unfolding developments to ensure financial stability.

The FSDC meeting was attended by all financial sector regulators including SEBI, IRDAI, PFRDA and IBBI. It was organized virtually.

“The members resolved to keep a close watch on the unfolding developments and work proactively to ensure that financial institutions and financial markets remain resilient amidst the challenges arising out of the resurgence of the pandemic,” RBI said in a release. ”

The sub-committee reviewed key developments in various sectors of the global and domestic economy as well as the financial system and discussed members’ assessment of the scenario emerging from the third wave of the pandemic.

Among other things, it discussed various inter-regulatory issues and matters relating to the use of Aadhaar-based e-KYC and Aadhaar enabled payment system by regulated entities.

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

The meeting was attended by Finance Secretary TV Somanathan, Expenditure Secretary, Economic Affairs Secretary, Revenue Secretary, Corporate Affairs Secretary, IT Secretary and Secretary FSDC.

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