FSDC to assess current economic situation on Tuesday

The Financial Stability and Development Council (FSDC), headed by Finance Minister Arun Jaitley, will meet on Tuesday to take stock of the prevailing economic situation.

Fiscal situation, external sector environment, financial sector reforms, rising non-performing assets and regulatory issues are likely to figure in the meeting, sources said.

FSDC is a high-powered body, whose members include Reserve Bank of India (RBI) Governor, Securities and Exchange Board of India (SEBI) Chairman, IRDAI Chief and heads of other regulatory bodies. Besides, top finance ministry officials will also attend the meeting.

In April, a sub-committee of FSDC had reviewed major developments on the global and domestic fronts that impinge on the country's financial stability.

The sub-committee was chaired by RBI Governor Urjit Patel.

The government has set up the FSDC to strengthen and institutionalise mechanism to maintain financial stability, enhance inter-regulatory coordination and promote financial sector development.