OREANDA-NEWS. December 9, 2011. A meeting of the Sub-Committee of the Financial Stability Development Council (FSDC) was held today in Kolkata. Dr. D. Subbarao, Governor, Reserve Bank of India, chaired the meeting. The meeting was attended by Shri R. Gopalan, Secretary, Department of Economic Affairs; Dr. Kaushik Basu, Chief Economic Adviser, Ministry of Finance; Shri U. K. Sinha, Chairman, SEBI; Shri J. Hari Narayan, Chairman, IRDA; Shri Yogesh Agrawal, Chairman, PFRDA; Deputy Governors, RBI: Dr. K.C. Chakrabarty, Dr. Subir Gokarn, Shri Anand Sinha and Shri H.R. Khan; Executive Directors, RBI: Shri V.K.Sharma and Shri V. S. Das;  and other officials.

The Sub-Committee reviewed the recent developments in the global macroeconomic and financial sector scenario, focusing on issues relating to potential systemic risks for India.

The Sub-Committee also discussed the stability issues emanating from the macroeconomic outlook, financial markets, financial institutions and financial market infrastructure. It deliberated on the draft Financial Stability Report (FSR) for December 2011, which is scheduled for release later this month.

The functioning of the Technical Group for Financial Inclusion and Literacy and the Inter Regulatory Technical Group was also reviewed by the Sub-Committee.