(THE GIST OF PIB) Financial Stability and Development Council
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.
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.