The Indian financial system is well protected and there is no spillover effect of the failure of American banks on the Indian financial system, said Economic Affairs Secretary Ajay Seth on Monday after the FSDC meeting. He added that legislative changes announced in the Budget should be expedited.
Seth said the Financial Stability and Development Council (FSDC) on Monday discussed the need for a driver for the distribution of unclaimed deposits with financial institutions.
On Monday, Finance Minister Nirmala Sitharaman reviewed the state of the economy amid global and domestic challenges at a meeting of the 27th FSDC. The meeting was attended by financial sector regulators, including RBI Governor Shaktikanta Das.
(With PTI Inputs)
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