RBI panel on financial stability reviews US tariff impact, financial inclusion efforts

Mumbai: The members of the Financial Stability and Development Council, on Thursday discussed challenges economy would face due to tariffs imposed by the US, simplification of KYC and measures to improve financial inclusion.

The 32nd meeting of the sub-committee of FSDC was chaired by the Reserve Bank of India governor Sanjay Malhotra. The meeting focused on issues with potential implications for financial stability. A statement issued by the RBI stated that the subcommittee reaffirmed its commitment to strengthening financial sector resilience through coordinated regulatory efforts and maintaining vigilance over emerging risks, particularly those stemming from "heightened trade uncertainty and persisting geopolitical frictions."

The committee reviewed progress on inter-regulatory initiatives, including the National Strategy for Financial Inclusion (NSFI) 2025-30, and assessed the functioning of state-level coordination committees (SLCCs) across states and union territories.

The meeting was attended by Tuhin Kanta Pandey, chairperson, Sebi; Ajay Seth, chairperson, Irdai; S Ramann, chairperson, PFRDA; Ravi Mital, chairperson, IBBI, Nagaraju Maddirala, secretary, department of financial services; V Anantha Nageswaran, chief economic adviser and Chanchal Sarkar, secretary, Financial Stability and Development Council.

RBI deputy governors M Rajeshwar Rao, T Rabi Sankar, Swaminathan J, Poonam Gupta; executive director of the RBI AR Joshi were also present.