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Top financial council takes stock of preparations for G20 summit

Finance Minister Nirmala Sitharaman at the FSDC meet in Mumbai

The Financial Stability and Development Council (FSDC), chaired by Finance and Corporate Affairs Minister Nirmala Sitharaman reviewed the state of the Indian economy and the preparedness to ensure macroeconomic stability. Amid the fast changing geoeconomic dynamics, the council underlined the need for the government and regulators to monitor financial sector risks, the financial conditions and market developments on a continuous basis to be able to timely action if required.

The 26th meeting of the council took place in Mumbai today.

The Council also reviewed the preparation in respect of financial sector issues that would be taken up during India’s G20 Presidency in 2023.

Issues related to governance and management in financial market infrastructure, strengthening of cyber security framework in financial sector, common Know Your Customer (KYC) for all financial services and related matters were some of the areas that were deliberated upon.

The main objective of the FSDC is to strengthen and maintain financial stability and boost macro economic environment.

The meeting was also attended by Reserve Bank of India governor Shaktikanta Das, Ministers of State for Finance Bhagwat Kishanrao Karad and Pankaj Chaudhary and other senior officials of the government and regulatory bodies.

Sitharaman, who is on a three day tour to Mumbai will also meet representatives of the banking sector as well as the industry.

Also read: Fastest and fifth largest: India’s economy is unstoppable