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.