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News:Union Minister for Finance has chaired the 22nd Meeting of the Financial Stability and Development Council(FSDC).
Facts:
- Financial Stability and Development Council(FSDC): It is a non-statutory apex level body setup in 2010 on the recommendations of Raghuram Rajan committee(2008).
- Objectives: To strengthen and institutionalize the mechanism for maintaining financial stability, enhancing inter-regulatory coordination and promoting financial sector development.
- Functions: It is charged with financial literacy, financial inclusion and macro prudential supervision of the economy, including the functioning of large financial conglomerates.
- Chairman: Union Finance minister
- Members: a) Heads of Financial Sector Regulators (RBI, SEBI, PFRDA & IRDA) b) Secretaries of various Departments c) Chief Economic Adviser d) Minister of state responsible for the Department of Economic Affairs(DEA) e) Chairperson of the Insolvency and Bankruptcy Board of India (IBBI) among others.
