Union Finance Minister Nirmala Sitharaman chaired the 28th Meeting of the Financial Stability and Development Council (FSDC) in New Delhi, on Wednesday. Issues related to formulation of strategy for implementing the decisions of the FSDC and the Union Budget announcements were discussed in the meeting.
These include prescribing uniform KYC norms, inter-usability of KYC records across the financial sector, and simplification and digitalization of the KYC process. Discussions were also held on kickstarting fund-raising by social enterprises through social stock exchanges and measures to curb the harmful effects of unauthorised lending through online apps.
FSDC emphasized that the members need to maintain constant vigilance and continue their proactive efforts toward detecting emerging financial stability risks and taking the necessary measures to maintain the resilience of the financial sector.
The FSDC deliberated on issues related to macro financial stability and India’s preparedness to deal with them. Furthermore, the members also decided to strengthen inter-regulatory coordination to further develop the financial sector so that it continues to provide the requisite financial resources for inclusive economic growth.