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Post at: Sep 21 2021

24th Meeting of Financial Stability and Development Council

Recent Context

  • On September 3rd, 2021, the Union Minister for Finance and Corporate Affairs chaired the 24th meeting of the Financial Stability and Development Council (FSDC).

key Points

  • 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.

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