A meeting of the Financial Stability and Development Council (FSDC) Sub-committee was held today in Mumbai. The meeting was chaired by Dr. Raghuram Rajan, Governor, Reserve Bank of India .The meeting was attended by Shri Ratan P. Watal, Finance Secretary; Shri Shaktikanta Das, Secretary, Department of Economic Affairs (DEA),; Ms. Anjuly Chib Duggal, Secretary, Department of Financial Services (DFS),; 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 Markets Commission (FMC); Deputy Governors of RBI, Shri H. R. Khan, Dr. Urjit Patel and Shri S. S. Mundra; Executive Directors of RBI, Shri Deepak Mohanty and Shri N. S. Vishwanathan and other officials from RBI and the Ministry of Finance.

The Sub-committee of FSDC reviewed the international and domestic economic situation. Issues regarding inter-regulatory co-ordination for reporting under Foreign Account Tax Compliance Act (FATCA), Central KYC Registry, International Financial Services Centre (IFSC), development of corporate bond market, pension funds etc. were discussed. The Sub-Committee also took note of the functioning of the various Technical Groups under its ambit and the progress achieved by the State Level Coordination Committees in various States/ Union Territories. There was commonality of views.

The Sub-committee of FSDC was of the view that our macro-economic Fundamentals are quite strong and there is no immediate cause of worry due to international economic situation. However, it was of the view that there was need to be vigilant and to keep a watch on the situation.

Macro economic fundamentals deemed robust, with continued vigilance and enhanced inter regulatory coordination to safeguard financial stability. The FSDC Sub committee found macro economic fundamentals robust and urged vigilance despite no immediate cause for concern. It addressed inter regulatory coordination on FATCA reporting, Central KYC Registry, IFSC development, corporate bond market enhancement, pension fund matters, and noted progress by Technical Groups and State Level Coordination Committees while stressing the importance of continued monitoring to safeguard financial stability.