The 20th Meeting of the Financial Stability and Development Council (FSDC) was held here yesterday under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman.

          The FSDC Meeting was also attended by Shri Anurag Thakur, MoS (Finance &Corporate Affairs), Shri Shaktikanta Das, Governor, Reserve Bank of India (RBI); Shri Subhash Chandra Garg, Finance Secretary and Secretary, Department of Economic Affairs; Shri Rajiv Kumar, Secretary, Department of Financial Services; Shri Injeti Srinivas, Secretary, Ministry of Corporate Affairs; Shri Ajay Bhushan Pandey, Revenue Secretary; Dr. Krishnamurthy V. Subramanian, Chief Economic Adviser, Ministry of Finance; Shri Ajay Tyagi, Chairman, Securities and Exchange Board of India; Shri Subhash Chandra Khuntia, Chairman, Insurance Regulatory and Development Authority of India(IRDAI); Dr. M. S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India (IBBI); Shri Ravi Mital, Additional Secretary, Department of Financial Services & in charge, Chairperson, Pension Fund  Regulatory and Development Authority(PFRDA); and other senior officers of the Government of India and the Financial Sector Regulators.

          The Meeting reviewed the current global and domestic economic situation and financial stability issues including, inter-alia, those concerning Banking and NBFCs.

          The Council was also apprised of the progress made towards setting-up of the Financial Data Management Centre (FDMC) to facilitate integrated data aggregation and analysis as also a Computer Emergency Response Team (CERT-Fin) towards strengthening the cyber security framework for the financial sector.

      The Council also held consultations to obtain inputs/ suggestions of the financial sector regulators for the Budget. All the regulators presented their proposals for the Union Budget 2019-20.

       The Council also took note of the activities undertaken by the FSDC Sub-Committee Chaired by Governor, RBI and the action taken by Members on the decisions taken in earlier Meetings of the Council.

Financial stability coordination advances: regulators presented budget proposals and progress on data and cybersecurity infrastructure. The Council reviewed global and domestic economic conditions and financial stability risks, focusing on banking and NBFC vulnerabilities, and collected regulator proposals for the Union Budget. It noted progress on establishing a Financial Data Management Centre for integrated data aggregation and analysis and a CERT-Fin to strengthen cybersecurity, and reviewed actions of the FSDC Sub-Committee and member follow-up on prior decisions to enhance regulatory coordination and preparedness.