25th Meeting Of The Financial Stability And Development Council:
The 25th meeting of the Financial Stability and Development Council (FSDC) was held in Mumbai, under the Chairpersonship of Union Finance Minister Nirmala Sitharaman.
- It was setup in 2010 by Indian Government as an executive body. It replaced the High Level Coordination Committee on Financial Markets (HLCCFM). The idea to create such a super regulatory body was first mooted by the Raghuram Rajan Committee in 2008.
- FSDC is not a statutory body. No funds are separately allocated to the council for undertaking its activities.
- Its objectives are to strengthen and institutionalize the mechanism for maintaining financial stability and Enhancing inter-regulatory coordination. It also focuses on financial literacy and financial inclusion.
- It is chaired by the Union Finance Minister of India. The other 12 members are
- Governor, RBI,
- Chairman, SEBI,
- Chairman, IRDA,
- Chairman, PFRDA,
- Minister of state responsible for the Department of Economic Affairs (DEA),
- Secretary of Department of Electronics and Information Technology’,
- Revenue secretary,
- Finance Secretary and/or Secretary, Department of Economic Affairs;
- Secretary, Department of Financial Services;
- Secretary, Ministry of Corporate Affairs,
- Chief Economic Adviser and
- Chairperson of the Insolvency & Bankruptcy Board of India (IBBI).
- A sub-committee of FSDC has also been set up under the chairmanship of Governor RBI. It discusses and decides on a range of issues relating to financial sector development and stability including substantive issues relating to inter-regulatory coordination.