28th FSDC meeting deliberates on enhancing regulatory environment for GIFT ISFC

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman on Wednesday led the 28th Meeting of the Financial Stability and Development Council (FSDC) in New Delhi, focusing on pivotal discussions surrounding macro financial stability and India's readiness to address emerging challenges.

The council, comprising key financial regulators and policymakers, explored various facets of financial stability, including enhancing the regulatory environment for the GIFT IFSC to bolster its global stature as a premier international financial center.

Strategies to streamline Know Your Customer (KYC) norms across the financial sector, enable fundraising by social enterprises through social stock exchanges, and combat unauthorised online lending apps were also deliberated.

Recognising the importance of constant vigilance, the FSDC stressed the need for proactive measures to detect and mitigate emerging financial risks both domestically and globally. Emphasis was placed on strengthening inter-regulatory coordination to sustain the financial sector's resilience and support inclusive economic growth.

During the meeting, attended by key dignitaries including RBI Governor Shri Shaktikanta Das and other high-ranking officials, the council took stock of previous decisions and the progress made by various regulatory bodies, reaffirming its commitment to driving forward effective financial stability and development initiatives.