A meeting of the sub-committee of the Financial Stability and Development Council (FSDC) on Thursday decided that various regulators in the country will do “whatever necessary” to revive the economy and preserve financial stability.

The FSDC sub-committee chaired by RBI governor Shaktikanta Das also resolved to remain alert to the emerging challenges following the coronavirus outbreak.

The meeting of the sub-committee was conducted through video conferencing and was attended by financial sector regulators, including the Securities and Exchange Board of India (Sebi) and the IRDAI as well as officials of the finance ministry.

“Given the prevailing circumstances, the sub-committee unanimously resolved that every participating regulator and ministry will continue to remain alert and watchful of the emerging challenges; interact more frequently; and do whatever is necessary to revive the economy and preserve financial stability,” the RBI said in a statement.

The sub-committee also reviewed the major developments in the global and domestic economy and financial markets that impinge upon financial stability.

The meeting comes at a time the Covid-19 outbreak continues to adversely affect the nation with economic activities not fully restored. Various agencies have forecast that the Indian economy will contract this fiscal.

Amid such a projection, the RBI has since March brought down the policy repo rate by 115 basis points. Sebi has also announced several relaxations to bring down the compliance burden among listed companies.

Analysts feel growth will remain a top priority for the RBI and it will further lower the repo rate by 25-50 basis points.