The 33rd meeting of the Sub-Committee of the Financial Stability and Development Council (FSDC-SC) was held on Thursday at the Reserve Bank of India headquarters in Mumbai under the chairmanship of RBI Governor Sanjay Malhotra.

The committee discussed key global and domestic macroeconomic and financial sector developments, along with emerging issues that could impact financial stability. Members also reviewed progress on various inter-regulatory initiatives, including simplification of Know Your Customer (KYC) processes and regulatory impact assessment aimed at improving transparency, accountability and the overall quality of regulatory frameworks.

The FSDC-SC reiterated its commitment to strengthening financial sector resilience through enhanced inter-regulatory coordination and maintaining close monitoring of emerging risks, including those arising from heightened geopolitical tensions.

The meeting was attended by senior officials and heads of major financial regulators, including SEBI Chairman Tuhin Kanta Pandey, IRDAI Chairman Ajay Seth, PFRDA Chairman S Ramann, IFSCA Chairman K Rajaraman, senior government officials, the Chief Economic Adviser and Deputy Governors of the Reserve Bank of India.