Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, led the 28th meeting of the Financial Stability and Development Council (FSDC) in New Delhi. The meeting aimed at ensuring macro-prudential supervision of the economy, including monitoring the functioning of large financial conglomerates.
The Financial Stability and Development Council, chaired by Finance Minister Nirmala Sitharaman, also discussed how to end the adverse impact of unauthorised digital lending and steps to contain their spread.
The Union Finance Minister, Nirmala Sitharaman, chaired the 28th meeting of the Financial Stability and Development Council (FSDC), focusing on implementing council decisions and Union Budget announcements. Key discussions included prescribing uniform KYC norms, inter-usability of KYC records, simplification and digitalisation of KYC processes, promoting fund-raising by social enterprises, and addressing unauthorised lending through online apps.
The FSDC deliberates on issues related to macro financial stability and India’s preparedness to deal with them; its members also decide to strengthen inter-regulatory coordination, Union Finance Minister Chairs FSDC's 28th Meeting, Discusses Inter-Regulatory Coordination
The Financial Stability and Development Council discussed ways to stop unauthorised lending apps as well as fundraising by social enterprises through social stock exchanges, among other issues related to macro financial stability