Regulators to ensure resilience of financial market: FSDC sub-committee

NEW DELHI: The FSDC sub-committee headed by RBI Governor Shaktikanta Das on Thursday resolved to stay alert to rising challenges within the backdrop of second COVID-19 wave and ensure resilience of financial markets.

The assembly of the sub-committee of the Financial Stability and Development Council (FSDC) by way of video conferencing was attended by financial sector regulators together with Sebi and IRDAI in addition to officers of the finance ministry, company affairs ministry and Ministry of Electronics and Information Technology.

“The members resolved to remain vigilant and proactive to ensure financial markets and financial institutions remained resilient in the face of fresh challenges brought on by the resurgence of the pandemic,” the RBI mentioned in a press release.

The sub-committee additionally reviewed the main developments within the international and home financial system in addition to in varied segments of the financial system and mentioned the assessments of the members of the situation rising from the second wave of the COVID-19 pandemic, it mentioned.

“It also discussed various inter-regulatory issues and reviewed the activities of various technical groups under its purview and the functioning of State Level Coordination Committees (SLCCs) in various states / UTs,” it mentioned.

The final assembly of the high-level panel was held in January this 12 months when COVID-19 scenario was beneath management with circumstances beneath few a whole bunch.

Currently, India is reeling beneath the influence of the second wave of COVID-19 with over 3 lakh circumstances being reported for the previous 8 days in a row. With every passing day, the loss of life toll is rising.

The nation witnessed a report single-day rise of 3,79,257 new coronavirus infections pushing the full tally of COVID-19 circumstances to 1,83,76,524, whereas energetic circumstances crossed the 30-lakh mark, in accordance to the Union Health Ministry knowledge up to date on Thursday.

The members of the panel who attended the assembly included Ajay Tyagi (chairman, Sebi); Subhash Chandra Khuntia (chairman, Irdai); Supratim Bandyopadhyay (chairman, PFRDA); M S Sahoo (chairperson, IBBI); and Injeti Srinivas (chairperson, IFSCA). They included Ajay Seth (secretary Department of Economic Affairs) Debasish Panda (secretary, Department of Financial Services) and Tarun Bajaj (secretary, Department of Revenue).

Rajesh Verma (secretary, Ministry of Corporate Affairs); Ajay Prakash Sawhney (secretary, Ministry of Electronics and Information Technology); Krishnamurthy Subramanian (Chief Economic Adviser) and Shashank Saksena (secretary, FSDC) additionally attended the assembly, moreover deputy governors and government director of the RBI.

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