The
Financial Stability and Development Council (FSDC) has been constituted vide
GOI notification dated 30th December, 2010. The Council is chaired by the Union
Finance Minister and its members are Governor, Reserve Bank of India; Finance
Secretary and/or Secretary, Department of Economic Affairs; Secretary,
Department of Financial Services; Chief Economic Adviser, Ministry of Finance;
Chairman, Securities and Exchange Board of India; Chairman, Insurance Regulatory
and Development Authority and Chairman, Pension Fund Regulatory and Development
Authority.
The
Council deals, inter-alia, with issues relating to financial stability,
financial sector development, inter–regulatory coordination, financial literacy,
financial inclusion and macro prudential supervision of the economy including
the functioning of large financial conglomerates. No funds are separately
allocated to the Council for undertaking its activities.
The
Council and its Sub-Committee (chaired by Governor, Reserve Bank of India)
deliberate on agenda items proposed by any of the members of the Council which
broadly include matters relating to financial stability, inter-regulatory
coordination, and financial sector development. The Council/Sub-committee
deliberates on these issues and suggests taking appropriate steps, as required.
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