Financial Stability Council Addresses Macro-Financial Concerns, Stresses Regulatory Coordination

New Delhi: Strengthening inter-regulatory coordination in financial sector to support inclusive economic growth in the country, Financial Stability and Development Council, chaired by Union finance minister Nirmala Sitharaman, on Wednesday deliberated a range of critical issues concerning macro-financial stability, including matters related to Know-Your-Customer norms among others. Besides, it also emphasised a constant vigil and proactive efforts towards detecting emerging financial stability risks in the domestic as well as global macro-financial situation. She further asked regulators to maintain constant vigil and be proactive towards detecting emerging financial stability risks, given the domestic and global macro-financial situation. "The FSDC considered the domestic and global macro-financial situation and emphasised that the members need to maintain constant vigilance and continue their proactive efforts towards detecting emerging financial stability risks and taking the necessary measures to maintain the resilience of the financial sector," the finance ministry said in a statement, adding that the council members will strengthen inter-regulatory coordination to further develop the financial sector so that it continues to provide the requisite financial resources for inclusive economic growth.