Financial Stability Panel Discusses Emerging Scenario Of Third Covid Wave

New Delhi:  RBI Governor Shaktikanta Das-led Financial Stability and Development Council sub-committee, in a virtual meeting on Thursday, discussed the emerging scenario from the third Covid wave on the financial system.

“The ‘Sub-Committee’ reviewed the major developments in the global and domestic economy as well as in various segments of the financial system and discussed the assessments of members about the scenario emerging from the third wave of the Covid-19 pandemic,” the RBI said.

It also discussed various inter regulatory issues and matters relating to the use of Aadhaar based e-KYC and Aadhaar Enabled Payment System by regulated entities, the central bank added.

Besides, it reviewed the activities of various technical groups under its purview and the functioning of ‘State Level Coordination Committees’ (SLCCs) in various states or 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,” the RBI said.