Indian financial system well protected, regulated despite daunting global financial situation: Ajay Seth
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Economic Affairs Secretary Ajay Seth said Indian financial system is well protected and regulated despite the daunting global financial situation. However, he said there are a set of indicators which provide early warning indicators so that the stresses are noticed well in time to take the corrective measures.
Asked if the spillover of the failure of Silicon Valley Bank and Signature Bank and liquidity pressure faced by Credit Suisse was discussed, Seth said, it was not specifically brought but there’s no spillover coming. Talking about the Government Securities (G-Sec) market, he said with the use of technology, how a seamless experience can be provided to potential investors, whether they come through the RBI infrastructure, which is the market infrastructure route, or the Sebi infrastructure route, hitherto which was not possible but today with the use of technology is possible. So, he added that all stakeholders should work in a time-bound manner to create a seamless environment for investment.
He further said ‘the Financial Stability and Development Council (FSDC) also deliberated on early warning indicators for the economy and our preparedness to deal with them, reducing the compliance burden on the regulated entities in the financial sector by improving regulatory quality, debt levels of corporates and households in India, simplification and streamlining of KYC framework to meet the needs of Digital India’.
