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.
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