Sub-Committee of the Financial Stability Development Council meets today

The first meeting of the Sub-Committee of the Financial Stability Development Council (FSDC) was held today in the Reserve Bank of India, New Delhi. Dr. D. Subbarao, Governor, Reserve Bank of India chaired the meeting. The list of members of the Sub-Committee who participated in the meeting are :

Reserve Bank of India (RBI) : Dr. D. Subbarao, Governor, Smt. Shyamala  Gopinath, Deputy Governor, Dr. K. C. Chakrabarty, Deputy Governor, Dr. Subir Gokarn, Deputy Governor, Shri Anand Sinha, Deputy Governor, Shri V. S. Das, Executive Director.

Government of India (GoI) : Smt. Sushma Nath, Finance Secretary and Secretary (Expenditure), Shri R.Gopalan, Secretary, Department of Economic Affairs (DEA), Shri Shashi Kant Sharma, Secretary, Department of Financial Services, Dr. Kaushik Basu, Chief Economic Adviser, Shri Bimal Julka, Additional Secretary & Director General (Directorate of Currency), Thomas Mathew, Joint Secretary (Capital Markets), DEA

Securities and Exchange Board of India (SEBI) : Shri U. K. Sinha, Chairman

Insurance Regulatory and Development Authority (IRDA) : Shri J. Hari Narayan, Chairman

Provident Fund Regulatory and Development Authority (PFRDA) : Shri Yogesh Agrawal, Chairman

The Sub-Committee of the FSDC has been formed to assist the FSDC. The Sub-Committee has replaced the High Level Coordination Committee on Financial Markets.

The Sub-Committee reviewed the developments in the macro economy and the financial markets and deliberated on issues related to:

• The global developments in respect of policies for systemically important financial institutions (SIFIs) and their possible impact on financial institutions in India;

• The existing arrangements for supervision of financial conglomerates;

• Information sharing arrangement among regulators for systemic risk assessment;

• Regulatory issues relating to wealth management/private banking undertaken by banks; and

• Financial stability issues that are of particular relevance to emerging market economies.

Ajit Prasad
Assistant General Manager

Press Release : 2010-2011/1269