FINANCIAL STABILITY DEVELOPMENT COUNCIL (FSDC)

  • February 23, 2022
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
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FINANCIAL STABILITY DEVELOPMENT COUNCIL (FSDC)

TOPIC: Economy

Context- The Financial Stability Development Council met on Tuesday to look at possible challenges for financial stability. The challenges include Crude oil International situation in Ukraine along with others.

Concept-

  • The Financial Stability and Development Council (FSDC) was constituted by an Executive Order of the Union Government as a non-statutory apex body under the Ministry of Finance in 2010.
  • The RaghuramRajan committee (2008)on financial sector reforms first proposed the creation of FSDC.
  • Council Members
    • The Finance Minister is the Chairman of the FSDC.
    • Members of FSDC include Heads of the Financial Sector Regulators listed below:
    • Reserve Bank of India (RBI)
    • Insurance Regulatory and Development Authority (IRDA)
    • Securities and Exchange Board of India (SEBI)
    • Pension Fund Regulatory and Development Authority (PFRDA)
    • Other members are Finance Secretary, Chief Economic Advisor and Secretary of the Department of Financial Services.
  • FSDC sub-committee is headed by the Governor of RBI.
economy FINANCIAL STABILITY DEVELOPMENT COUNCIL (FSDC)