19th meeting of FSDC held in New Delhi

The 19th meeting of Financial Stability and Development Council (FSDC) was held in New Delhi under the Chairmanship of Union Finance Minister Arun Jaitley. The meeting was attended by RBI Governor Dr Urjit R. Patel, SEBI chairman, IRDAI Chairman along with heads and other senior officers of Government and financial sector regulators.

Economic Review:- It reviewed the health of the economy, both domestic and global, financial sector performance and issues due to rising oil prices. It also discussed the issue of real interest rate, current liquidity situation, including segmental liquidity position in NBFCs and mutual fund space.

Crypto Currency:- It also deliberated on issues and challenges of Crypto Assets and Currency. It was briefed about deliberations of High-level Committee chaired by Secretary (Economic Affairs) to devise an appropriate legal framework to ban use o private cryptocurrencies in India and encouraging the use of distributed ledger technology (blockchain), as announced in Budget 2018-19.

RegTech and SupTech:- It also discussed market developments and financial stability implications of the use of RegTech and SupTech by financial firms and regulatory and supervisory authorities. It also discussed the implementation of recommendations of Sumit Bose Committee on measures, such as promoting appropriate disclosure regime for financial distribution costs.

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