Sub-committee of FSDC resolves to do whatever is necessary to revive economy : 19-06-2020

Reserve Bank of India (RBI) governor Shaktikanta Das on Thursday chaired a sub-committee meeting of the financial stability and development council (FSDC), which unanimously resolved to do whatever was necessary to revive the economy and preserve financial stability.

The sub-committee also deliberated upon the status and development sunder the Insolvency and Bankruptcy Code (IBC), 2016, and the working of credit rating agencies. The government has suspended insolvency proceedings for fresh defaults through an ordinance, to give breather to thousands of firms battered by the Covid-19.

The sub-committee discussed a proposal of setting up of an inter-regulatory technical group on fintech (IRTG-Fintech) and the national strategy on financial education (NSFE) 2020-2025, RBI said.

“Given the prevailing extraordinary circumstances, every participating regulator and ministry will continue to remain alert and watchful of the emerging challenges and interact more frequently, both formally and informally, as also collectively,” RBI further said.

The sub-committee also reviewed major developments in global and domestic economy and financial markets. The members of the sub-committee include secretaries in finance economic affairs, financial services, information technology, corporate ffairs, the chief economic adviser, heads of regulatory bodies and RBI deputy governors.

Source : Financial Express