24th Meeting of Financial Stability and Development Council
On September 3rd, 2021, the Union Minister for Finance and Corporate Affairs chaired the 24th meeting of the Financial Stability and Development Council (FSDC).
The various mandates of the FSDC were deliberated in the meeting. They are -
The Council also discussed issues related to-
Management of Stressed assets;
Strengthening institutional mechanism for financial stability analysis;
Framework for resolution of financial institutions and issues related to IBC;
Data sharing mechanisms of government authorities;
Internationalisation of Indian rupee;
Pension sector related issues.
About Financial Stability and Development Council (FSDC)
Financial Stability and Development Council (FSDC) was set up by the Government as the apex level forum in December 2010.
The Chairman of the Council is the Finance Minister and its members include the heads of financial sector Regulators (RBI, SEBI, PFRDA, IRDA & FMC) 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.
The FSDC Secretariat in DEA is the Secretariat for the Council.