29th meeting of Financial Stability and Development Council (FSDC)

Prelims: Current events of National and International Importance | Economy

Why in News?

Union Minister for Finance and Corporate Affairs chaired the 29^th meeting of the Financial Stability and Development Council (FSDC), in Mumbai recently.

• Strategic Framework - Establishing an appropriate framework by regulators for evaluating and enhancing the responsiveness of regulations and subsidiary instructions.
• To take necessary steps to reduce the unclaimed assets in the financial sector and the expeditious and seamless refund of such assets to rightful owners.
• Prescribing common KYC norms, simplification and digitalisation of the KYC process,
  • Including digital onboarding for Non-Resident Indians (NRIs),
  • Including PIOs and OCIs, in the Indian securities market.
• Analysing trends in financing flows as part of a strategy to increase the investment ratio.
• Taking measures to improve the reach and scope of factoring services and the effective use of account aggregator networks.
• The FSDC deliberated on the emerging trends from the domestic and global macro-financial situation and stressed the need to be vigilant.
• The Council recognised the need for proactive efforts to mitigate potential risks to financial stability while adopting adequate safeguards for the financial system’s resilience.
• The members decided to strengthen the inter-regulatory coordination for the wider development of the financial sector.

Reference

PIB | Financial Stability and Development Council (FSDC)