Nirmala Sitharaman chairs the 29th Meeting of FSDC in Mumbai

The annual meeting of the Financial Stability and Development Council (FSDC) was held in Mumbai, Maharashtra, on 10 June 2025. It was the 29th meeting of the FSDC, which was chaired by the Union Finance Minister, Nirmala Sitharaman.

The meeting was attended by the top officials of the Finance Ministry and the heads of the various financial sector regulators, including the Governor of the Reserve Bank of India (RBI), Sanjay Malhotra, the Chairman of the Sub-Committee of the FSDC.

Issues discussed by the FSDC at the Mumbai meeting 

The FSDC discussed the issues related to India's macro financial stability and preparedness to deal with them.

They also discussed:

• Establishment of an appropriate framework by the financial regulators for evaluating and enhancing the responsiveness of regulations made by them.
• Steps taken by the financial regulators to reduce the unclaimed assets in the financial sector (bank, post office accounts, dividends, shares, insurance and pension funds, etc.) and the refund of such assets to rightful owners;
• Common KYC (know your customer) norms, simplification and digitalisation of the KYC process,
• Digital onboarding of  Non-Resident Indians (NRIs), including Persons of Indian Origin (PIOs) and the Overseas Indian Citizens (OCIs) in the Indian securities market;
• How to improve the reach and scope of factoring services and effectively use account aggregator networks.

Participants of the 29th FSDC Meeting 

The Union Finance Minister, top ministry officials, and the heads of the various financial sector regulators attended the meeting.

Ministers  

• Union Finance Minister Nirmala Sitharaman- Chairman of the FSDC
• Pankaj Choudhary - Union Minister of State for Finance

Officials of the Ministry 

• Dr. V. Anantha Nageswaran - Chief Economic Adviser, Ministry of Finance;
• Ajay Seth- Finance Secretary and Secretary, Department of Economic Affairs, Ministry of Finance;
• Nagaraju Maddirala - Secretary, Department of Financial Services, Ministry of Finance;
• Arvind Shrivastava - Secretary, Department of Revenue, Ministry of Finance;
• Ms. Anuradha Thakur-  Officer on Special Duty and Secretary-designate, Department of Economic Affairs, Ministry of Finance; 
• Ms. Deepti Gaur Mukerjee -  Secretary, Ministry of Corporate Affairs; 

Head of Financial Sector Regulators

• Sanjay Malhotra - Governor, Reserve Bank of India 
• Tuhin Kanta Pandey- Chairperson, Securities and Exchange Board of India 
• K. Rajaraman-  Chairperson, International Financial Services Centres Authority  
• Chanchal Sarkar-  Secretary of the FSDC, Department of Economic Affairs, Ministry of Finance
• Parmod Kumar Arora- he represented the Insurance Regulatory and Development Authority of India as the Chairperson, since the post is vacant
• Ms. Mamta Shankar- she represented the Pension Fund Regulatory and Development Authority as the Chairperson, since the post is vacant
• Dr. Bhushan Kumar Sinha-  he represented the Insolvency and Bankruptcy Board of India as the Chairperson, since the post is vacant
• Dr. Sanjay Bahl-  Director General, Indian Computer Emergency Response Team (CERT-In)

Financial Stability and Development Council (FSDC)

The FSDC was established by the Government of India in 2010, following the recommendation of the Raghu Ram Rajan committee on “ Financial Sector Reform.”

Function of the FSDC 

• The Council monitors macroprudential supervision of the economy, including the functioning of large financial conglomerates, and addresses inter-regulatory coordination and financial sector development issues. 
• It also focuses on financial literacy and financial inclusion.

 Sub-Committee of FSDC 

• The RBI Governor is the Chairperson of the Sub-Committee of the FSDC.. 
• Members of the FSDC and the four Deputy Governors of the RBI are ex officio members of the Sub-Committee.