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News:The sub-committee of the Financial Stability and Development Council (FSDC) has met to discuss measures to promote interest and competition in stressed asset markets.
Facts:
About FSDC:
- The Financial Stability and Development Council(FSDC) was set up by the Government as the apex level forum in December 2010.It is not a statutory body.
- The objective of FSDC is to strengthen and institutionalize the mechanism for maintaining financial stability, enhancing inter-regulatory coordination and promoting financial sector development.
- The FSDC was first proposed under the recommendations of Raghuram Rajan committee(2008) on financial sector reforms.
Members:
- The Chairperson of FSDC is Union Finance Minister of India
- The members include (a) Heads of all Financial Sector Regulators (RBI, SEBI, PFRDA & IRDA) (b) Finance Secretary, Department of Economic Affairs (DEA) (c)Secretary, Department of Financial Services (DFS) and (d)Chief Economic Adviser.
- In 2018, Government had reconstituted FSDC to include (a) Minister of State responsible for the Department of Economic Affairs (DEA) (b) Secretary of the Department of Electronics and Information Technology (c)Chairperson of the Insolvency and Bankruptcy Board of India (IBBI) and (d) Revenue Secretary.
Functions:
- It focuses on financial literacy and financial inclusion.
- It aims strengthening and institutionalizing the mechanism of financial stability and development.
- It monitors macro-prudential supervision of the economy.It also assess the functioning of large financial conglomerates.
- It also addresses intra regulatory coordination issues.
