Home  /  Daily Current Affairs  /  23-02-2022 / Financial Stability and Development Council (FSDC)

Financial Stability and Development Council (FSDC)

Posted on February 23, 2022 by admin1  65

In News 

  • The 25th meeting of the Financial Stability and Development Council (FSDC) was held in Mumbai, under the Chairpersonship of Union Finance Minister Smt. Nirmala Sitharaman. 
    • The Council deliberated on the various mandates of the FSDC and major macro-financial challenges arising in view of global and domestic developments.

About Financial Stability and Development Council (FSDC)

  • It is a non-statutory apex council under the Ministry of Finance constituted by the Executive Order in 2010. 
    • The Raghuram Rajan Committee (2008) on financial sector reforms first proposed the creation of FSDC.
  • Composition of FSDC:
    • Chairperson: The Union Finance Minister of India.
    • Members: Governor Reserve Bank of India (RBl), Finance Secretary and/ or Secretary, Department of Economic Affairs (DEA), Secretary, Department of Financial Services (DFS), Secretary, Ministry of Corporate Affairs, Chief Economic Advisor, Ministry of Finance.
    • Other members include the Chairman of SEBI, IRDA, PFRDA and IBBI
  • The FSDC Sub Committee is Chaired by the Governor of the RBI.
    • All the members of the FSDC are also members of the Sub-committee.
  • Aims and Objectives: 
    • To strengthen and institutionalise the mechanism of maintaining financial and macroeconomic stability.
    • To enhance inter-regulatory coordination and promote financial sector development.
    • It also focuses on financial literacy and financial inclusion.
    • Coordinating India’s international interface with financial sector bodies such as the Financial Action Task Force (FATF) and Financial Stability Board (FSB).

Source: BS

 
Previous article Enforcement of Fundamental Duties
Next article Golan Heights

Other News of the Day

In News Russia backed separatists have controlled the southeastern Ukrainian regions of Donetsk and Luhansk.  About the regions Location: Donetsk and Luhansk are two states located in eastern Ukraine, which share a border with Russia. Separatist territories: Within these two states are two separatist territories known as the Donetsk People’s Republic (DPR) and Luhansk People’s...
Read More

In News  An FIR has been registered against three Mumbai Police officials for allegedly threatening Angadias and extorting money from them in south Mumbai.  About  Angadia system It is a century-old parallel banking system in the country where traders send cash generally from one state to another through a person called Angadia that stands for...
Read More

In News  Recently, West Bengal Chief Minister increased the monetary package for the tribals in Deucha Panchami Mines. About  Deucha-Pachami-Dewanganj-Harinsinga coal block is the second-largest coal block in the world. India's largest coal mine is located in the southwestern part of Birbhum Coalfield in West Bengal.  The block has a thick coal seam trapped between...
Read More

In News The Defence Minister while addressing an election rally in Imphal West, called upon insurgency groups operating in Manipur to shun violence and come to the negotiating table. He said the Centre is ready to hold dialogue with them to bring lasting peace to the region. Rise of insurgency in Manipur The emergence of...
Read More

In News Recently, a virtual consultation workshop on ‘Financing for Decarbonization of Transport’ is being held. About It was conducted by NITI Aayog and World Resources Institute (WRI), India, with the support of GIZ India. It was conducted as a part of the NDC-Transport Initiative for Asia (NDC-TIA) project. NDC-TIA Project GoI intention:  The Government...
Read More

In Context Astronomical observations suggest a significant part of the universe is made up of dark matter which interacts with the rest of the universe only through the gravitational pull. What is Dark Matter? Dark matter, though never detected, is believed to be present in the entire universe. Its existence is presumed because a number...
Read More

In News  The sales of Non-Fungible Token(NFTs )surged $25 billion in 2021 as the crypto asset exploded in popularity, fuelled by the rising interest of celebrities and tech evangelists. What is a Non-Fungible Token(NFT)? It is a unit of data that is stored on a digital ledger (blockchain) and can be sold and traded. NFT...
Read More

In News  Recently, External Affairs Minister of India held bilateral talks with his French counterpart. Major Highlights of the Meeting Setting up an India-France partnership on the blue economy and ocean governance: It will encompass maritime trade, marine trade in services, ports, the naval industry, fisheries, marine technology and scientific research, ocean observation, ocean modelling,...
Read More