Financial Stability and Development Council

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Recently, the Financial Stability and Development Council's 26th meeting was presided over by the Union Minister of Finance and Corporate Affairs (FSDC).

What are the main points of discussion?

The council placed a strong emphasis on issues such as improving the effectiveness of the current financial and credit information systems, early warning indicators for the economy and how prepared we are to deal with them, and governance and management concerns in systemically important financial institutions.
It was underlined that the government and authorities must continuously evaluate the financial sector's risks, financial conditions, and market developments in order to take prompt, appropriate action to reduce any vulnerabilities and strengthen financial stability.
The council noted the planning for the financial sector concerns that will be discussed during India's 2023 G20 Presidency.

About FSDC

It was established in 2010 by Executive Order as a non-statutory apex council under the Ministry of Finance.
FSDC was initially proposed by the Raghuram Rajan group on banking sector reforms in 2008.
Its members comprise the chiefs of all financial sector regulators (RBI, SEBI, PFRDA, and IRDA), the finance secretary, the secretaries of the departments of economic affairs (DEA), financial services (DFS), and the chief economic adviser. It is chaired by the Finance Minister.
In 2018, the government reorganised FSDC to include the Secretary of the Department of Electronics and Information Technology, the Chairperson of the Insolvency and Bankruptcy Board of India (IBBI), and the Minister of State in charge of the Department of Economic Affairs (DEA).
The Governor of the RBI is in charge of the FSDC sub-committee.
If necessary, the Council may call for the attendance of specialists.

Functions:

To improve inter-regulatory coordination, institutionalise financial sector development, and strengthen the system for preserving financial stability.
To keep an eye on the macroprudential control of the economy. It evaluates how well-functioning major financial conglomerates.

Also, Read - Qutb Shahi Tombs

Source: PIB

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