This Sub-Committee has replaced the erstwhile High Level Coordination Committee on Financial Markets (HLCCFM) under the chairmanship of Governor, RBI. While constituting the FSDC, the Government held out a clear assurance that the setting up of the FSDC will not in any way erode the autonomy of the regulators. 51.
11127 or the “The National Payment Systems Act” further bolsters the BSP’s capacity to foster the efficiency of payments systems as pipelines of funds in the financial market. These laws bolster the BSP’s capacity to provide a steadying hand to the financial system. Moreover, these payment systems initiatives dovetail with BSP’s efforts to continuously enhance the financial system’s management of cyber risks.