Key Points
The meeting discussed a seamless experience for potential investors in the Government Securities (G-Sec) market, the burden of compliance for regulated entities, debt levels, and simplification of the KYC framework..
Briefing media on the meeting outcome of the 27th Financial Stability and Development Council (FSDC) headed by Finance Minister Nirmala Sitharaman, Seth said "The Indian financial sector is well protected, well regulated but at the same time, we have to be cautious and be on our toes as soon as early warning indicators are there"...
The council also deliberated on early warning indicators for the economy and our preparedness to deal with them, reducing the compliance burden on the regulated entities in the financial sector by improving regulatory quality, debt levels of corporates and households in India, simplification and streamlining of KYC framework to meet the needs of Digital India, he said.. Besides, the seamless experience for retail investors in government securities, Bimakrit Bharat - Unique Value Proposition to take insurance to the last mile and support required in terms of resolving inter-regulatory issues for GIFT IFSC to play a strategic role in Atmanirbhar Bharat was also discussed...
Besides RBI governor, Securities and Exchange Board of India chairperson 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's newly appointed chairman Deepak Mohanty participated in the meeting...
According to sources, the FSDC meeting was also attended by Minister of State for Finance Pankaj Chaudhary and Bhagwat Kishanrao Karad, Finance Secretary T V Somanathan, Economic Affairs Secretary Ajay Seth, Revenue Secretary Sanjay Malhotra, Financial Services Secretary Vivek Joshi and other top officials of the finance ministry...
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