32nd Meeting of the FSDC Sub-Committee

A meeting of the Sub-Committee of the Financial Stability and Development Council (FSDC-SC) was held at the Reserve Bank of India, Mumbai.

The meeting was chaired by Shri Sanjay Malhotra, Governor, Reserve Bank of India. The Sub-Committee discussed major global and domestic macroeconomic and financial sector developments and various issues that may have financial stability implications.

The Sub-Committee reviewed the progress in several inter-regulatory matters including simplification of KYC processes and special drives for financial inclusion. It also deliberated upon the National Strategy for Financial Inclusion (NSFI) 2025–30. The Sub-Committee also reviewed the functioning of State-Level Coordination Committees (SLCCs) in States and Union Territories and activities of various technical groups.

The FSDC-SC reaffirmed its commitment to continue its focus on improving financial sector resilience through inter-regulatory coordination; and keeping a close watch on emerging challenges including those from heightened trade uncertainty and persisting geopolitical frictions.

The meeting was attended by the members of the Sub-Committee, Shri Tuhin Kanta Pandey, Chairperson, Securities and Exchange Board of India (SEBI); Shri Ajay Seth, Chairperson, Insurance Regulatory and Development Authority of India (IRDAI), Shri S Raman, Chairperson, Pension Fund Regulatory and Development Authority (PFRDA), Shri Ravi Mittal, Chairperson, Insolvency and Bankruptcy Board of India (IBBI), Shri Nagaraju Maddirala, Secretary, Department of Financial Services; Dr. V. Anantha Nageswaran, Chief Economic Adviser; Shri Chanchal Sarkar, Secretary, Financial Stability and Development Council; Deputy Governors of the Reserve Bank – Shri M. Rajeshwar Rao, Shri T. Rabi Sankar, Shri Swaminathan J., Dr. Poonam Gupta; and Dr. A. R. Joshi, Executive Director of the Reserve Bank.

What is FSDC?

The Financial Stability and Development Council (FSDC) has been constituted vide GOI notification dated 30th December, 2010. The Council is chaired by the Union Finance Minister and its members are Governor, Reserve Bank of India; Finance Secretary and/or Secretary, Department of Economic Affairs; Secretary, Department of Financial Services; Chief Economic Adviser, Ministry of Finance; Chairman, Securities and Exchange Board of India; Chairman, Insurance Regulatory and Development Authority and Chairman, Pension Fund Regulatory and Development Authority.

The Council deals, inter-alia, with issues relating to financial stability, financial sector development, inter–regulatory coordination, financial literacy, financial inclusion and macro prudential supervision of the economy including the functioning of large financial conglomerates. No funds are separately allocated to the Council for undertaking its activities.

The Council and its Sub-Committee (chaired by Governor, Reserve Bank of India) deliberate on agenda items proposed by any of the members of the Council which broadly include matters relating to financial stability, inter-regulatory coordination, and financial sector development. The Council/Sub-committee deliberates on these issues and suggests taking appropriate steps, as required.