26th Meeting of the Financial Stability and Development Council (FSDC).
23rd Sep, 2022
The Union Minister of Finance and Corporate Affairs chaired the 26th Meeting of the Financial Stability and Development Council (FSDC).
What is Financial Stability and Development Council?
- It is an apex regulatory body constituted by the Government of India.
- FSDC was created after the global financial crisis of 2008 when some similar institutions were created in some other countries.
- FSDC has replaced the High-Level Coordination Committee on Financial Markets, which was facilitating the regulatory coordination functions prior to setting up of FSDC, though it was not a formal body.
- It was constituted on the recommendations of the Raghuram Rajan Committee on Financial Sector Reforms in 2008. The FSDC is an autonomous body which deals with the financial regularities in the entire financial sector of India.
What are the functions of FSDC?
- FSDC is responsible for the financial stability and the development of financial sector in India.
- It is also responsible for Inter-regulatory coordination, financial literacy and financial inclusion within the country.
- No funds are allocated separately to the council for undertaking its activities.
Who are the members of FSDC?
- The Finance Minister of India is the chairman of Financial Stability and Development Council.
Members from Regulatory Bodies
Members from Government Departments
- RBI Governor (RBI Governor is also the head of FSDC Sub-committee).
- Chairman of Securities and Exchange Board of India i.e. SEBI.
- Chairman of Insurance Regulatory and Development Authority of India i.e. IRDAI.
- Chairman of Pension Fund Regulatory and Development Authority i.e. PFRDA.
- Chairman of Insolvency and Bankruptcy Board of India i.e. IBBI.
- Finance Secretary or Secretary of Department of Economic Affairs.
- Secretary of Department of Financial Services.
- Secretary of Ministry of Corporate Affairs.
- Chief Economic Advisor, Ministry of Finance.
- Secretary of Ministry of Electronics & Information Technology i.e. MeitY.