RBI Governor Shaktikanta Das-headed Sub-Committee of the Financial Stability and Development Council (FSDC-SC) on Monday resolved to remain vigilant against any build-up in vulnerabilities in the financial system as well as in the broader economy amid uncertain global environment. With a view to strengthening and institutionalising the mechanism for maintaining financial stability, enhancing inter-regulatory coordination and promoting financial sector development, the FSDC was set up by the government as the apex level forum in December 2010.
The FSDC Sub-Committee has been set up under the chairmanship of governor, RBI. It meets more often than the full Council. The Sub-Committee reviewed major global and domestic macroeconomic and financial developments, issues of inter-regulatory coordination relating to the Indian financial sector activities of various technical groups under its purview, the Reserve Bank said in a statement on 30th Meeting of the FSDC Sub-Committee.
It also reviewed the functioning of State Level Coordination Committees (SLCCs) in various states/UTs. “The FSDC-SC resolved to remain vigilant against any build-up in vulnerabilities in all segments of the Indian financial system as well as in the broader economy, especially from global spillovers in a dynamic and uncertain world, and to preserve financial system stability for attaining strong, sustainable and inclusive growth,” the RBI said.