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Informist, Wednesday, Jun. 4, 2025

--Govt sources: Minister Sitharaman to chair FSDC meeting on Tue in Mumbai

NEW DELHI – Finance Minister Nirmala Sitharaman is likely to chair a meeting of the Financial Stability and Development Council Tuesday to review the state of the economy, two people aware of the development said Wednesday. The participants at the meeting will include Reserve Bank of India Governor Sanjay Malhotra, Securities and Exchange Board of India Chairperson Tuhin Kanta Pandey, and heads of other financial regulatory bodies.

This will be the first meeting of the Financial Stability and Development Council after Sitharaman presented the Union Budget for the financial year 2025-26 (Apr-Mar). It will also mark the 29th meeting of key regulators. They last met on Feb. 21, 2024. The upcoming meeting is likely to be held in Mumbai, one of the sources told Informist.

The top-level meeting will also see Minister of State for Finance Pankaj Chaudhary, all the secretaries in the finance ministry, including Economic Affairs Secretary Ajay Seth and Financial Services Secretary M. Nagaraju, and Pension Fund Regulatory and Development Authority Chairperson Sivasubramanian Ramann, among key officials, in attendance. The government's Chief Economic Adviser V. Anantha Nageswaran will also attend the meeting. Though the chairperson of the Insurance Regulatory and Development Authority of India is typically part of these meetings, the position has been vacant since Mar. 13, when Debashish Panda's term ended.

The meeting is being held days after data showed India's GDP grew at a four-year low of 6.5% in FY25. It also comes a fortnight after the central bank announced a record surplus transfer of INR 2.69 trillion to the government for FY25. The meeting is being held in the backdrop of continuing geopolitical conflicts in Europe and West Asia and major global trade uncertainties.

Set up in 2010, the Financial Stability and Development Council deals with issues relating to financial stability, financial sector development, inter–regulatory coordination, financial literacy, financial inclusion, and macro prudential supervision of the economy, including the functioning of large financial conglomerates. No funds are separately allocated to the council for undertaking its activities.  End

Reported by Krity Ambey and Priyasmita Dutta

Edited by Rajeev Pai

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