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'Better early warning signal mechanism needed to insulate economy from global shocks'
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IANS | 08 May, 2023
The Financial Stability and Development Council (FSDC) on Monday decided
that a mechanism needs to be evolved to strengthen early warning
signals, so that all kinds of financial stress can identified well in
advance.
During the 27th meeting of the FSDC, presided
over by Finance Minister Nirmala Sitharaman, it was noted that though
the Indian economy is well insulated from global shocks and spillover
effects of the prevailing geopolitical situation, there is a need to be
cautious and therefore early warning signals mechanism needs to be
evolved in order to be alert to any fiscal risks, sources privy to
developments said.
It was also decided that all regulators should
conduct a special drive to facilitate the settlement of unclaimed
deposits and claims in the financial sector across all segments.
Sitharaman
directed that that all details related to unclaimed deposits need to be
shared with nominees of depositors, the sources said.
Regulators
were also asked to reach out to nominees of depositors for distributing
unclaimed deposits like banking deposits, shares and dividends, mutual
funds and other such instruments.
This was the first meeting of the FSDC after presentation of the union Budget for 2023-24.
The FSDC, headed by the Finance Minister, comprises financial sector regulators.
Sitharaman
advised the regulators that they should adopt a focussed approach to
reduce the compliance burden further and ensure a streamlined regulatory
environment.
She further directed that regulators should
maintain a constant vigil as ensuring "financial sector stability is a
shared responsibility" of the regulators.
Regulators must take
appropriate and timely action to mitigate any vulnerability and
strengthen financial stability, the Finance Minister stated during the
meeting.
The regulators need to be proactive and ensure
cyber-security preparedness of the information technology systems to
reduce the risk of cyber-attacks, protect sensitive financial data, and
maintain overall system integrity, thus safeguarding the stability and
resilience of the Indian financial ecosystem, the council decided.
The
council also deliberated debt levels of corporates and households in
the country, simplification and streamlining of KYC framework to meet
the needs of digital India, as well as seamless experience for retail
investors in government securities.
The meeting was attended by
Ministers of State for Finance Pankaj Chaudhary and Bhagwat Karad, RBI
Governor Shaktikanta Das, Finance Secretary T.V. Somanathan, Economic
Affairs Secretary Ajay Seth, Banking Secretary Vivek Joshi, Revenue
Secretary Sanjay Malhotra and chief economic adviser V. Anantha
Nageswaran.
Apart from these, SEBI chief Madhabi Puri Buch, IRDAI
Chairperson Debasish Panda and PFRDA Chairman Deepak Mohanty were also
present in the meeting.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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