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16th meeting of FSDC held in New Delhi (Relevant for GS Prelims and GS Mains paper III)

The 16th meeting of the Financial Stability and Development Council (FSDC) was held in New Delhi. It was chaired by Union Finance Minister Arun Jaitley.  It was attended by heads of all financial sector regulators as its members. It reviewed the major issues and challenges facing the economy. 

About Financial Stability and Development Council :
The Central Government had established Financial Stability and Development Council (FSDC) in December 2010 with the Finance Minister as it Chairman. The idea to create it was first mooted by the Raghuram Rajan Committee on Financial Sector Reforms in 2008. 

It is a super regulatory body for regulating financial sector which is a vital for bringing healthy and efficient financial system in the economy. The FSDC envisages to strengthen and institutionalise mechanism of
(i)    maintaining financial stability
(ii)    Financial sector development
(iii)    inter-regulatory coordination along with monitoring macro-prudential regulation of economy.

Composition of FSDC 
Chairman: Union Finance Minister. 
Members: Heads of the financial sector regulatory authorities (i.e, RBI, SEBI, IRDA, PFRDA), Finance Secretary and/or Secretary, Department of Economic Affairs (Union Finance Ministry), Secretary, Department of Financial Services, and Chief Economic Adviser.

Google launches My Business and Digital Unlocked tool for small and medium businesses Internet giant Google launched two new initiatives My Business and  Digital Unlocked tool for small and medium businesses. These initiatives were launched by Google CEO Sundar Pichai in New Delhi in presence of Union IT and law minister Ravi Shankar Prasad in New Delhi. 



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