Smt. Nirmala Sitharaman chaired a meeting of the Financial Stability and Development Council (FSDC) to discuss macro financial stability, regulatory improvisation, digital modernization, cyber resilience, domestic investment ecosystem, KYC processes, DPIs, intermediation costs, and potential risks to financial stability.
On October 23, 2026, Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman chaired a meeting of the Financial Stability and Development Council (FSDC) in New Delhi. The FSDC is a key platform that brings together regulatory authorities and ministries to discuss matters related to financial stability. During the meeting, various issues were deliberated upon, including macro financial stability, India’s preparedness to deal with them, regulatory improvisation, digital modernization, and the need for proactive efforts to mitigate potential risks to financial stability while adopting adequate safeguards for financial system’s resilience.
The FSDC also discussed measures towards promoting innovation in the Fintech sector and exploring the prospects of tokenisation of financial assets and other real-world assets. The Council reviewed the cyber resilience of the Indian financial sector and took note of the Financial Sector Cyber Security Strategy (FSCSS) formulated by an Inter-Ministerial Group (IMG).
The discussions also covered India’s preparedness to protect Critical Information Infrastructure and resilience of protection systems, improving cybersecurity preparedness of Regional Rural Banks (RRBs), strengthening the domestic investment ecosystem, simplification and digitalization of KYC processes, reforms to scale up DPIs in India, reducing cost of intermediation in the financial sector, improving the responsiveness of regulations, rationalization of Credit Guarantee Schemes in India, and emerging trends from domestic and global macro-financial situation.
The Union Finance Minister also urged the regulators and stakeholders concerned to expedite the process of refund of unclaimed assets (banks deposits, dividends, shares, post office accounts, insurance and pension funds etc.) to their rightful owners. The FSDC meeting was also attended by several key officials, including the Governor of Reserve Bank of India, Secretaries from various departments, Chairpersons of regulatory bodies, and heads of cybersecurity agencies.
Source:
Press Information Bureau
