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Finance Minister, RBI Chief To Discuss Fiscal Development On July 5: Report

Finance Minister, RBI Chief To Discuss Fiscal Development On July 5: Report

New Delhi: Finance Minister Arun Jaitley and Reserve Bank of India Governor Raghuram Rajan will on Tuesday discuss fiscal development and economic issues at a Financial Stability and Development Council (FSDC) meeting.

FSDC, set up in December 2010 to strengthen and institutionalise the mechanism for maintaining financial stability, enhancing inter-regulatory coordination and promoting financial sector development, will hold its 15th meeting on Tuesday, official sources said.

Its members include heads of financial sector regulators – RBI, Sebi, PFRDA, IRDA and FMC along with top Finance Ministry bureaucrats and the chief economic advisor.

It will meet under the chairmanship of Mr Jaitley on Tuesday.

Finance Secretary Lavasa, Economic Affairs Secretary Shaktikanta Das, Financial Services Secretary Anjuly Chib Duggal, Revenue Secretary Hasmukh Adhia and Chief Economic Advisor Arvind Subramanian are expected to attend the meeting.

Besides Mr Rajan, Sebi Chairman U K Sinha, IRDAI Chairman T S Vijayan and PFRDA Chairman Hemant G Contractor are also likely to attend the meeting.

An overview of state of the economy is likely to be presented as also the impact of global events such as Brexit.

FSDC monitors macro prudential supervision of the economy, including functioning of large financial conglomerates, and addresses inter-regulatory coordination and financial sector development issues.

It also focuses on financial literacy and financial inclusion. The last meeting was held on January 13.