September 4, 2021 6:39:54 am
The Financial Stability and Development Council (FSDC) on Friday discussed measures to manage stressed assets and noted the need to keep a continuous vigil by the government and all regulators on the financial conditions.
In the 24th meeting held on Friday, which was chaired by Finance Minister Nirmala Sitharaman, the FSDC discussed issues relating to management of stressed assets, strengthening institutional mechanism for financial stability analysis, financial inclusion, framework for resolution of financial institutions and issues related to Insolvency and Bankruptcy Code processes. The previous meeting was held in December 2020.
“The meeting deliberated on the various mandates of the FSDC, viz, Financial Stability, Financial Sector Development, Inter-regulatory Coordination, Financial Literacy, Financial Inclusion, and Macro prudential supervision of the economy…,” the Ministry said.
The FSDC is learnt to have discussed exposure of banks’ lending to various sectors and the need to tweak certain investment norms to help monetise public assets like highways, power and railway tracks. Ministers of State for Finance Bhagwat Kishanrao Karad and Pankaj Chaudhary, along with RBI Governor Shaktikanta Das, Finance Secretary TV Somanathan, Economic Affairs Secretary Ajay Seth, Revenue Secretary Tarun Bajaj, Financial Services Secretary Debasish Panda, Corporate Affairs Secretary Rajesh Verma, CEA Krishnamurthy V Subramanian, Sebi Chairperson Ajay Tyagi and others attended.
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