FSDC to assess current economic situation tomorrow

NEW DELHI: The Financial Stability and Development Council (FSDC), headed by Finance Minister Arun Jaitley, will meet tomorrow to take stock of the prevailing economic situation.

Fiscal situation, external sector environment, financial sector reforms, rising non-performing assets and regulatory issues are likely to figure in the meeting, sources said.

FSDC is a high-powered body, whose members include RBI Governor, Sebi Chairman, IRDAI Chief and heads of other regulatory bodies. Besides, top finance ministry officials will also attend the meeting.

In April, a sub-committee of FSDC had reviewed major developments on the global and domestic fronts that impinge on the country's financial stability.

The sub-committee was chaired by RBI Governor Urjit Patel.

The government has set up the FSDC to strengthen and institutionalise mechanism to maintain financial stability, enhance inter-regulatory coordination and promote financial sector development.