Prelims Level
Mains Level
  • 19thMeeting of the Financial Stability and Development Council (FSDC) was held under the Chairmanship of the Union Finance Minister.
  • To review the current global and domestic economic situation and financial sector performance.
  • The Council decided that the Regulators and the Government would keep a close watch on the developing situation and take all necessary measures.
  • The Council deliberated on the need for identifying and securing critical information infrastructure in financial sector.
  • The Council deliberated on the issues and challenges of Crypto Assets/Currency.

FSDC:

  • Financial Stability and Development Council (FSDC) is an apex-level body constituted by the government of India. An autonomous body dealing with macro prudential and
  • financial regularities in the entire financial sector of India. The new body envisages to strengthen and institutionalise the mechanism of maintaining financial stability, financial sector development, inter-regulatory coordination along with monitoring macro-prudential regulation of economy.

Composition of the council:

  • Chairperson: The Union Finance Minister of India
  • Members:
  • Governor Reserve Bank of India (RBl)
  • Finance Secretary and/ or Secretary, Department of Economic Affairs (DEA),
  • Secretary, Department of Financial Services (DFS)
  • Secretary, Ministry of Corporate Affairs
  • Chief Economic Advisor, Ministry of Finance
  • Chairman, Securities and Exchange Board of India (SEBI)
  • Chairman, Insurance Regulatory and Development Authority (IRDA)
  • Chairman, Pension Fund Regulatory and Development Authority (PFRDA)
  • Chairman, Insolvency and Bankruptcy Board of India (IBBI)
  • Additional Secretary, Ministry of Finance, DEA, will be the Secretary of the Council
  • The Chairperson may invite any person whose presence is deemed necessary for any of its meeting(s).

Responsibilities:

  • Financial Stability, Financial Sector Development, Inter-Regulatory Coordination
  • Financial Literacy, Financial Inclusion,
  • Macro prudential supervision of the economy including the functioning of large financial conglomerates
  • Coordinating India’s international interface with financial sector
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