FSDC News

In the meeting, the Finance Minister will review the current global and domestic economic situation and financial stability issues. 

The Council, comprising regulators, took note of the overall stability that has been achieved on the back of improvements in macro-economic fundamentals, structural reforms with the launch of the Goods and Services Tax (GST), action being taken to address the twin balancesheet challenge and financial market confidence.

India appears to be much better placed with improved macro-economic fundamentals, as measures to eliminate shadow economy and tax evasion are expected to have positive impact on GDP, the all-powerful FSDC -- headed by Finance Minister Arun Jaitley -- said on Thursday.

FSDC, which includes RBI Governor and other financial regulators, reviewed the measures taken by the government and the central bank for handling the stressed assets and discussed ways to manage the situation.

Finance Minister Arun Jaitley and Reserve Bank of India Governor Raghuram Rajan will on Tuesday discuss fiscal development and economic issues at a Financial Stability and Development Council (FSDC) meeting.  

India should remain in a state of "full preparedness" to deal with any external sector vulnerability, Finance Ministry said after a meeting of the FSDC.

It works with a vision of "a financially aware and empowered India".

Jaitely said, emphasised that action on single demat account and uniform KYC norms be expedited and suitable regulation framework to be put in place.

Financial regulators, including RBI, Sebi and IRDA, are working on creating a common account aggregation facility, which may allow people to get details of all their financial assets in one place.

Chairman of Securities and Exchange Board of India (SEBI) U K Sinha on Thursday said it is now empowered to deal effectively with the ponzi menace.