FSDC aims to be proactive in 3rd wave

Mumbai:

Financial

sector regulators and senior bureaucrats from the finance ministry met on Thursday under the aegis of the Financial Stability and Development Council (

FSDC

) to review global and domestic developments emerging from the

third wave

of the

pandemic

.

The members resolved to act proactively to ensure that financial institutions and markets remain resilient amid the challenges posed by the third wave. The sub-committee (FSDC-SC) also discussed inter-regulatory issues and matters relating to the use of Aadhaar-based e-KYC and the Aadhaar-Enabled Payment System by regulated entities. It reviewed the activities of several

technical

groups under its purview and the functioning of state level coordination committees (SLCCs) in various states/UTs.

The RBI said in a statement that the FSDC-SC met virtually with the central bank’s governor Shaktikanta Das chairing the meet. Other attendees were Sebi chairman Ajay Tyagi, Pension Fund Regulatory and Development Authority (PFRDA) chairman Supratim Bandyopadhyay, and Insurance Regulatory and Development Authority of India (Irdai) whole-time member T Alamelu.

From the finance ministry, finance secretary & secretary (department of expenditure) T V Somanathan, economic affairs secretary Ajay Seth, and revenue secretary Tarun Bajaj attended the meeting. Senior bureaucrats from the ministries of corporate affairs as well as electronics & IT were also part of the meeting as also the deputy governors of the RBI.