The Reserve Bank Of India (RBI) stated yesterday that a meeting of the Sub-Committee of the Financial Stability and Development Council (FSDC) was held through video conference. Shaktikanta Das, Governor, Reserve Bank of India, chaired the meeting. The Sub-Committee reviewed the major developments in the global and domestic economy as well as financial markets that impact financial stability.

The Sub-Committee, inter-alia, discussed scope for improvements in insolvency resolution under IBC, utilisation of data with the Central KYC Records Registry and changes in the regulatory framework relating to Alternative Investment Funds (AIFs) set up in the International Financial Services Centre (IFSC), among others.

The Sub-Committee also reviewed the activities of various technical groups under its purview and the functioning of State Level Coordination Committees (SLCCs) in various states / UTs. The regulators reaffirmed their resolve to be alert and watchful of emerging challenges to financial stability.

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