FINANCIAL STABILITY AND DEVELOPMENT COUNCIL (FSDC)
20, Jun 2019
Prelims level : Economics Mains level : GS III- Inclusive Growth and Issues Arising from It
Why in News:
- Union Minister of Finance and Corporate Affairs chaired the 20th Meeting of the Financial Stability and Development Council.
- Financial Stability and Development Council (FSDC), an autonomous body dealing with macroprudential and financial regularities in the entire financial sector of India. Financial Stability and Development Council is an apex-level body constituted by the Government of India.The apex-level FSDC is not a statutory body.
- The Meeting reviewed the current global and domestic economic situation and financial stability issues including, inter-alia, those concerning Banking and NBFCs.
- The Council was also apprised of the progress made towards setting-up of the Financial Data Management Centre (FDMC) to facilitate integrated data aggregation and analysis as also a Computer Emergency Response Team (CERT-Fin) towards strengthening the cyber security framework for the financial sector.
- The Council also held consultations to obtain inputs/ suggestions of the financial sector regulators for the Budget.
- The Council also took note of the activities undertaken by the FSDC Sub-Committee Chaired by Governor, RBI and the action taken by Members on the decisions taken in earlier Meetings of the Council.