A meeting of the Sub-Committee of the Financial Stability and Development Council (FSDC) was held in Mumbai yesterday. Shaktikanta Das, Governor, Reserve Bank of India, chaired the meeting. The meeting was attended by the members of the Sub-Committee - Subhash Chandra Garg, Finance Secretary, Ministry of Finance; Injeti Srinivas, Secretary, Ministry of Corporate Affairs; Dr. Krishnamurthy Subramanian, Chief Economic Advisor, Ministry of Finance; S. C. Khuntia, Chairman, Insurance Regulatory and Development Authority of India (IRDAI); Hemant G Contractor, Chairman, Pension Fund Regulatory and Development Authority (PFRDA); Deputy Governors of the Reserve Bank - N. S. Vishwanathan, Viral V. Acharya, B.P. Kanungo and Mahesh Kumar Jain; Shashank Saksena, Secretary, Financial Stability and Development Council; and Deepak Mohanty, Executive Director of the Reserve Bank. Securities and Exchange Board of India (SEBI) was represented by G. Mahalingam, Whole Time Member, while Insolvency and Bankruptcy Board of India (IBBI) was represented by Navrang Saini, Whole Time Member.

The Sub-Committee reviewed the major developments on the global and domestic fronts that impinge on the financial stability of the country. The Sub-Committee discussed ways to address challenges pertaining to the quality of credit ratings; and interlinkages between housing finance companies and housing developers. The Sub-Committee also deliberated on interlinking of various regulatory databases and National Strategy for Financial Inclusion (NSFI). Further, the Sub-Committee reviewed the functioning of State Level Coordination Committee (SLCCs) in various States / Union Territories (UTs), activities of its various Technical Groups, and a thematic study on financial inclusion and financial stability.