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16th meeting of FSDC held in New Delhi
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The 16th meeting of the Financial Stability and Development Council (FSDC) was held in New Delhi. It was chaired by Union Finance Minister Arun Jaitley. It was attended by heads of all financial sector regulators as its members. It reviewed the major issues and challenges facing the economy.
Key Highlights of the meeting
Indian Economy: India appears to be much better placed because of improvement in its macroeconomic fundamental despite fragile world economy. It reviewed the major issues and challenges facing the economy. Banking: The status of NPAs of public sector banks and measures taken by the government and the RBI for tackling the stressed assets were reviewed. It also discussed about further action to be taken in this regard. Financial inclusion/ financial literacy: Discussed about the various initiatives taken by the government and regulators for promoting financial inclusion/ literacy. It also discussed further measures for promoting the same. Technology: Discussed issues pertaining to Fintech, digital innovations and cyber security. It also discussed on further steps to be taken. Demonetisation: It will help in eliminating the shadow economy and tax evasion. It will have a positive impact on GDP and fiscal consolidation in the long run. Besides, a brief report on the activities undertaken by the FSDC sub-committee chaired by RBI Governor Urjit Patel was placed before the FSDC meeting.
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