SME Times News Bureau | 07 Nov, 2019
Finance Minister Nirmala Sitharaman on
Thursday took stock of the current economic situation at a meeting of the
Financial Stability and Development Council (FSDC).
The Council reviewed the current global and
domestic macro-economic situation and financial stability and vulnerabilities
issues, including inter-alia, those concerning NBFCs and Credit Rating
Agencies, said an official statement.
The Council reviewed the action taken by members
on the decision taken by FSDC earlier and held discussions on the proposals
submitted for further strengthening of the resolution framework and framework
for cyber security of the financial sector.
The Council also took note of the activities
undertaken by the FSDC Sub-Committee chaired by the Governor, RBI and the
initiatives taken by the various regulators in the financial sector.
Finance secretary Rajeev Kumar said the entire
financial system and other issues came up during the meeting.
He did not specify the details but said the RBI along with other
regulators are holistically looking at the financial sector issues.
The Q2 GDP growth is expected in November end and it will be decider to see
what further directions and policy measures are needed. The government has
announced several short and long-term measures to boost the economy in three
phases between August 23 and September 14.
The Q1 GDP growth fell to 6-year low in the current fiscal at 5 per cent led by
a slowdown in the manufacturing sector.
FSDC is a body of financial regulators.
