FINANCIAL STABILITY AND DEVELOPMENT COUNCIL (FSDC)

About:

• Background:
  • It was setup in 2010 by Indian Government as an executive body.
    
    
  • It replaced the High Level Coordination Committee on Financial Markets (HLCCFM).
    
    
  
  
  
• Objective:
  • To strengthen and institutionalize the mechanism for maintaining financial stability.
    
    
  • Enhancing inter-regulatory coordination.
    
    
  
  
  
• Composition: It is chaired by the Union Finance Minister of India. The other 12 members are
  • Governor, RBI,
    
    
  • Chairman, SEBI,
    
    
  • Chairman, IRDA,
    
    
  • Chairman, PFRDA,
    
    
  • Minister of state responsible for the Department of Economic Affairs (DEA),
    
    
  • Secretary of Department of Electronics and Information Technology’,
    
    
  • Revenue secretary,
    
    
  • Finance Secretary and/or Secretary, Department of Economic Affairs;
    
    
  • Secretary, Department of Financial Services;
    
    
  • Secretary, Ministry of Corporate Affairs,
    
    
  • Chief Economic Adviser and
    
    
  • Chairperson of the Insolvency & Bankruptcy Board of India (IBBI).
    
    
  
  
  
• Sub-committee of FSDC:
  • A sub-committee of FSDC has also been set up under the chairmanship of Governor RBI.
    
    
  • It discusses and decides on a range of issues relating to financial sector development and stability including substantive issues relating to inter-regulatory coordination.