Regulators review factors affecting financial stability

Top financial regulators including RBI, Sebi and IRDA on Wdednesday discussed capital requirements of the banks and measures to deepen bond markets. They also reviewed global and domestic factors that might impact the financial stability of the country.

The issues, which also included account aggregation facility, were discussed at the Financial Stability and Development Council (FSDC) Sub-Committee meeting, chaired by RBI Governor Raghuram Rajan. Among others, the meeting was attended by Department of Financial Services Secretary Hasmukh Adhia, Sebi Chairman U K Sinha, Insurance Regulatory and Development Authority of India Chairman T S Vijayan and heads of other financial regulators. “The Sub-Committee reviewed various global and domestic factors that can impact the financial stability of the country,” RBI said in a statement. “Further, the Sub-Committee deliberated upon matters relating to account aggregation facility, capital requirement of banks, measures to deepen the credit default swap market and corporate bond market,” it added.

The sub-committee also reviewed the functioning of the various Technical Groups which are under its ambit. PFRDA Chairman Hemant G Contractor, FMC Chairman Ramesh Abhishek, Department of Economic Affairs Additional Secretary, Ajay Tyagi, RBI Deputy Governors H R Khan, Urjit Patel and R Gandhi, RBI’s ED Deepak Mohanty and N S Vishwanathan attended the meeting.