- 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.
- 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
- 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).
- 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