Financial Stability and Development Council
What is FSDC?
- Financial Stability and Development Council (FSDC) is an apex-level body constituted in 2010 to strengthen and institutionalize the mechanism for maintaining financial stability.
- It is chaired by the Union Finance Minister of India.
- Its members include the heads of financial sector regulators (RBI, SEBI, PFRDA, IRDA), Finance Secretary and/or Secretary, Department of Economic Affairs, Secretary, Department of Financial Services, and Chief Economic Adviser.
- The Council monitors macro prudential supervision of the economy, including functioning of large financial conglomerates, and addresses inter-regulatory coordination and financial sector development issues. It also focuses on financial literacy and financial inclusion.
Why in News?
- The Financial Stability and Development Council sub-committee headed by RBI Governor Shaktikanta Das resolved to remain to emerging challenges following the coronavirus outbreak and take necessary action to preserve financial stability.
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