FSDC-SC members discuss challenges arising from third wave

The FSDC-SC also discussed the assessments of members about the scenario emerging from the third wave of the pandemic.

The Sub-committee took up various inter regulatory issues and matters relating to the use of Aadhaar based e-KYC and Aadhaar Enabled Payment System by regulated entities.

"It reviewed the activities of various technical groups under its purview and the functioning of State Level Coordination Committees (SLCCs) in various states/UTs. The members resolved to maintain a close watch on the unfolding developments and act proactively to ensure that financial institutions and financial markets remain resilient amidst the challenges posed by the resurgence of the pandemic," said a RBI statement.

The high-level meeting was attended by the members of the Sub-Committee -- T.V. Somanathan, Finance Secretary and Secretary, Department of Expenditure; Ajay Seth, Secretary, Department of Economic Affairs; Tarun Bajaj, Secretary, Department of Revenue; Rajesh Verma, Secretary, Ministry of Corporate Affairs; Ajay Prakash Sawhney, Secretary, Ministry of Electronics and Information Technology; Shashank Saksena, Secretary, Financial Stability and Development Council; Ajay Tyagi, Chairman, Securities and Exchange Board of India (SEBI) and Supratim Bandyopadhyay, Chairman, Pension Fund Regulatory and Development Authority (PFRDA).

Deputy Governors of the RBI - Michael Debabrata Patra and T. Rabi Sankar; and Executive Directors of the RBI - O. P. Mall, J. K. Dash and Rohit Jain were among other members who attended the meeting.