RBI Governor-led FSDC Sub-Committee Reviews Economic Situation, Auto News, ET Auto

The sub-committee reviewed major developments in the global and national economy as well as in various segments of the financial system.

Mumbai:

The FSDC subcommittee headed by Reserve Bank Governor Shaktikanta Das on Thursday reviewed the economic situation amid the COVID-19 pandemic and decided to closely monitor ongoing developments with a view to ensuring the financial stability. The Financial Stability and Development Board (FSDC) Sub-Committee (FSDC-SC) meeting was held via video conference and brought together all financial sector regulators including SEBI, IRDAI, PFRDA and IBBI.

“Members resolved to closely monitor ongoing developments and act proactively to ensure that financial institutions and financial markets remain resilient in the face of the challenges posed by the resurgence of the pandemic,” the RBI said in a statement. communicated.

The sub-committee reviewed major developments in the global and domestic economy as well as in various segments of the financial system and discussed members’ assessments on the emerging scenario of the third wave of the pandemic.

Among others, he discussed various cross-regulatory issues and issues related to the use of Aadhaar-based e-KYC and Aadhaar-enabled payment system by regulated entities.

It also reviewed the activities of various technical groups under its purview and the functioning of State Level Coordinating Committees (SLCCs) in various States and Union Territories.

The meeting was attended by TV Somanathan, Finance Secretary and Ministry of Expenditure Secretary; Ajay Seth, Secretary, Department of Economic Affairs; Tarun Bajaj, Secretary, Ministry of Revenue; Rajesh Verma, Secretary, Ministry of Corporate Affairs; Ajay Prakash Sawhney, Secretary, Ministry of Electronics and Information Technology; and Shashank Saksena, Secretary, Financial Stability and Development Board.

Other members of the subcommittee, including Ajay Tyagi, chairman of the Securities and Exchange Board of India (SEBI) and Supratim Bandyopadhyay, chairman of the Pension Fund Regulatory and Development Authority (PFRDA), also attended the meeting.

Also, RBI Deputy Governors Michael Debabrata Patra and T Rabi Sankar; and OP Mall Executive Directors JK Dash and Rohit Jain attended the meeting.

Vandita Kaul, additional secretary, represented the Department of Financial Services; T Alamelu, full-time member of Insurance Regulatory and Development Authority of India (IRDAI) and Navrang Saini, Chairman (additional charge) of Insolvency and Bankruptcy Board of India (IBBI) attended the meeting on behalf of their respective institutions.

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“It was decided to create a hub on property insurance at the National Insurance Academy (NIA) and another on car insurance at the Institute of Insurance and Risk Management (IIRM), the Insurance Regulatory and Development Authority of India (IRDAI) said in a statement.

The strong relationship between economic activity and popular mobility indicators suggests increased Covid restrictions are likely to hit economic activity in the fourth quarter of FY22. HDFC Bank said its growth forecast of 6.1% for the fourth quarter of FY22 could present a downside risk of 20 to 30 basis points (one basis point equals 0.01%).

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