(The Gist of PIB) Financial Stability and Development Council
(THE GIST OF PIB) Financial Stability and Development Council
[September-2021]
Financial Stability and Development Council
Union Minister for Finance and Corporate Affairs Nirmala Sitharaman recently chaired the 24th meeting of the Financial Stability and Development Council.
- The meeting deliberated on the various mandates of the FSDC, viz., Financial Stability, Financial Sector Development, Inter-regulatory Coordination, Financial Literacy, Financial Inclusion, and Macro prudential supervision of the economy including the functioning of large financial conglomerates etc.
About:
- Financial Stability and Development Council (FSDC) is an apex-level body constituted in 2010 to strengthen and institutionalize the mechanism for maintaining financial stability.
- It is not a statutory body.
- It is chaired by the Union Finance Minister of India.
- Its members include the heads of financial sector regulators (RBI, SEBI, PFRDA, IRDA), Finance Secretary and/or Secretary, Department of Economic Affairs, Secretary, Department of Financial Services, and Chief Economic Adviser.
- The Council monitors macro prudential supervision of the economy, including functioning of large financial conglomerates, and addresses inter-regulatory coordination and financial sector development issues.
- It also focuses on financial literacy and financial inclusion.
- No funds are separately allocated to the Council for undertaking its activities.
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Courtesy: PIB