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25th Meeting Of The Financial Stability And Development Council

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.

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