A meeting of the Sub-Committee of the Financial Stability and Development Council (FSDC) was held today in Mumbai. Dr. Raghuram G. Rajan, Governor, Reserve Bank of India (RBI), chaired the meeting. The meeting was attended by Dr. Hasmukh Adhia, Secretary, Department of Financial Services (DFS), Ministry of Finance; Shri U. K. Sinha, Chairman, Securities and Exchange Board of India (SEBI); Shri T.S. Vijayan, Chairman, Insurance Regulatory and Development Authority of India (IRDAI); Shri Hemant G. Contractor, Chairman, Pension Funds Regulatory and Development Authority (PFRDA); Shri Ramesh Abhishek, Chairman, Forward Market Commission (FMC); Shri Ajay Tyagi, Additional Secretary, Department of Economic Affairs (DEA), Ministry of Finance; Deputy Governors of RBI, Shri H. R. Khan, Dr. Urjit Patel and Shri R. Gandhi; Executive Directors of RBI, Shri Deepak Mohanty and Shri. N.S. Vishwanathan and other officials from RBI and Ministry of Finance.

The Sub-Committee reviewed various global and domestic factors that can impact the financial stability of the country. Further, the Sub-Committee deliberated upon matters relating to account aggregation facility, capital requirement of banks, measures to deepen the credit default swap market and corporate bond market.

The Sub-Committee also reviewed the functioning of the various Technical Groups which are under its ambit.

Sangeeta Das
Director

Financial stability review addresses account aggregation, bank capital requirements and market deepening measures including credit default swaps and corporate bonds. Review of financial stability risks and regulatory measures focused on global and domestic factors affecting systemic resilience. Deliberations targeted an account aggregation facility, supervision of capital requirements for banks, and initiatives to deepen the credit default swap market and the corporate bond market, and reviewed the functioning of Technical Groups.