Finance Minister Nirmala Sitharaman to review state of the Indian economy today

The 26th meeting of the Financial Stability and Development Council will be held in Mumbai today under the chairpersonship of Finance Minister Nirmala Sitharaman. The finance minister is on a three-day visit to the financial capital, where she is meeting representatives of the industry, market and bankers.

The council in today's meeting will deliberate on the various mandates of the FSDC and major financial challenges arising in view of global and domestic developments.

The council will also discuss further measures for further development of the financial sector and to achieve an inclusive growth economy with macroeconomic stability.

The meeting will be attended by RBI Governor Shaktikanta Das, Dr TV Somanathan, Finance Secretary and Expenditure Secretary Ajay Seth, Economic Affairs Secretary Tarun Bajaj, Revenue Secretary Sanjay Malhotra, Financial Services Secretary Dr V Anantha Nageswaran, Chief Economic Adviser, Ministry of Finance, Securities and Exchange Board of India (SEBI) Chairman Madhabi Puri Buch, Insurance Regulatory and Development Authority of India (IRDAI) Chairman Debasish Panda, Insolvency and Bankruptcy Board of India (IBBI) Chairman Ravi Mital and Pension Fund Regulatory and Development Authority (PFRDA) Chairman Supratim Bandyopadhyay.

The council has been set up by the government in consultation with financial market regulators, to strengthen and institutionalise the mechanism for maintaining financial stability, enhance inter-regulatory coordination and promote financial sector development.

Without prejudice to the autonomy of regulators, the council monitors macro-prudential supervision of the economy, including the functioning of large financial conglomerates, and addresses inter-regulatory coordination and financial sector development issues. It also focuses on financial literacy and financial inclusion.

Also read: Finance Commission Chairman has a request for FM Nirmala Sitharaman