Finance Minister Nirmala Sitharaman has called a meeting of the Financial Stability and Development Council (FSDC) today. In this meeting, other issues will be discussed including the financial sector of COVID-19 and its impact on the economy.
This will be the first meeting of the FSDC after the corona virus outbreak. This council consists of the Governor of the Reserve Bank and other regulators of the financial sector.
The meeting is taking place at a time when there is a possibility of contraction in the country’s economy in the current financial year due to the COVID-19 crisis. This will be the third meeting of the FSDC in the second term of the Narendra Modi government.
Apart from RBI Governor, Securities and Exchange Board of India (Sebi), Insurance Regulatory and Development Authority of India (IRDAI) and Chairman of Pension Fund Regulatory and Development Authority (PFRDA) are members of FSDC. Senior officials of the Finance Ministry will also participate in this meeting.