RBI Governor-Led Panel Reviews Economic Scenario Amid Omicron Spike

Mumbai: The monetary stability and growth council (FSDC) led by Reserve Bank of India (RBI) governor Shaktikanta Das on Thursday reviewed the prevailing financial scenario within the nation amid a spike in Coronavirus instances resulting from Omicron unfold. The panel resolved to maintain an in depth eye on the unfolding developments to make sure monetary stability.The FSDC assembly was attended by all monetary sector regulators together with SEBI, IRDAI, PFRDA and IBBI. It was held nearly."The members resolved to maintain a close watch on the unfolding developments and act proactively to ensure that financial institutions and financial markets remain resilient amidst the challenges posed by the resurgence of the pandemic," the RBI mentioned in a launch.The sub-committee reviewed the key developments within the world and home financial system in addition to in numerous segments of the monetary system and mentioned the assessments of members concerning the state of affairs rising from the third wave of the pandemic.Among others, it mentioned numerous inter-regulatory points and issues regarding using Aadhaar-based e-KYC and Aadhaar Enabled Payment System by regulated entities.It additionally reviewed the actions of varied technical teams below its purview and the functioning of state stage coordination committees (SLCCs) in numerous states and Union Territories.The assembly was attended by finance secretary T V Somanathan, expenditure secretary, financial affairs secretary, income secretary, company affairs secretary, IT secretary and secretary FSDC.