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Current Affairs

22nd Meeting of Sub-Committee of FSDC held in Mumbai

Date: 16 March 2019 Tags: Economic Organizations

The 22nd Meeting of Sub-Committee of Financial Stability and Development Council (FSDC) was recently held in Mumbai, Maharashtra. It was chaired by Reserve Bank of India (RBI) Governor Shaktikanta Das and attended by its members.

Outcomes of Sub-Committee meeting

  • It reviewed major developments on global and domestic fronts that impinge on financial stability of the country.
  • It reviewed major developments on global and domestic fronts that impinge on financial stability of the country.
  • It also discussed ways for addressing challenges regarding quality of credit ratings and interlinkages between housing developers and housing finance companies.
  • It also deliberated on interlinking of various regulatory databases and National Strategy for Financial Inclusion (NSFI).

Financial Stability and Development Council (FSDC)

  • FSDC is super regulatory body (non-statutory) for regulating financial sector consisting of all regulators and Ministry Finance.
  • It was set up in 2010 for bringing healthy and efficient financial system in economy of the country.
  • Objective: Strengthen and institutionalise mechanism for maintaining financial stability, enhancing inter-regulatory coordination and promoting financial sector development.
  • Mandate: It deals with issues relating to financial stability, inter–regulatory coordination, financial sector development, financial inclusion, financial literacy and macro prudential supervision of economy including functioning of large financial conglomerates.
  • Composition: It is chaired by Union Finance Minister. Its members are heads of all financial sector regulatory authorities viz. RBI, SEBI, PFRDA, IRDA, Finance Secretary and Secretary, Department of Economic Affair; Secretary, Department of Financial Services and Chief Economic Adviser, Chairman of Insolvency and Bankruptcy Board. Most recently, Secretary, Ministry of electronics and information technology (MeitY) was also included as member.