• 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