Council discusses Early Warning Indicators for economy, administration’s preparedness to deal with them
Council discusses Early Warning Indicators for economy, administration’s preparedness to deal with them
Finance Minister Nirmala Sitharaman stressed on the need for the government and regulators to monitor financial sector risks and market developments on a continuous basis and take timely actions to mitigate vulnerabilities at a meeting of the Financial Stability and Development Council (FSDC) on Thursday.
Among the systemic issues deliberated upon by the Council, chaired by Ms. Sitharaman, were Early Warning Indicators for the economy and the administration’s preparedness to deal with them. The Council, which includes all financial sector regulators and top Finance Ministry officials, met in Mumbai.
“The Council also took note of the preparation in respect of financial sector issues to be taken up during India’s G20 Presidency in 2023,” the Finance Ministry said in a statement.
Improving the efficiency of the existing Financial and Credit Information Systems, issues of governance and management in Systemically Important Financial Institutions including Financial Market Infrastructures, and the strengthening cybersecurity framework in the financial sector were also discussed.
“A common KYC for all financial services, update and next steps on Account Aggregators, issues relating to power sector financing were also discussed along with the need for utilisation of the services of Registered Valuers by all Government Departments,” the Ministry added.
“Strategic role of GIFT IFSC in New Aatmanirbhar Bharat and inter-regulatory Issues of GIFT-IFSC were also deliberated on” by the Council.
