Financial Stability Development Council (FSDC) sub-committee on Saturday review

ed the Indian macro-economy, potential risks facing the financial system and imp
lementation of Budget announcements.
"A draft road map for creating standards and protocol for setting up an account
aggregation facility for financial assets was deliberated on at the meeting," th
e Reserve Bank of India (RBI) said in a statement issued after the meeting here.
The committee, headed by RBI Governor Raghuram Rajan, reviewed the major announc
ements in the Union Budget and discussed the path to implementing those. These i
ncluded a single demat account for all financial assets; the introduction of uni
form know-your-customer (KYC) norms and inter-usability of KYC records across th
e financial sector; strengthening the markets for corporate bonds, currency deri
vatives and interest rate futures; and participation of development finance inst
itutions and foreign institutional investors in the commodity market.
At the meeting, the panel's 13th, it also reviewed the functioning of various te
chnical groups under its ambit.
The meeting was attended by Finance Secretary Arvind Mayaram, Financial Services
Secretary Gurdial Singh Sandhu, Securities and Exchange Board of India (Sebi) C
hairman U K Sinha, Pension Fund Regulatory and Development Authority officiating
chairman R V Verma, Forward Markets Commission Chairman Ramesh Abhishek, RBI de
puty governors and finance ministry officials, among others.