26th meeting of FSDC held in Mumbai

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The Union Finance Minister Nirmala Sitharaman chaired the 26th meeting of the Financial Stability and Development Council (FSDC) in Mumbai on 15 September 2022.

The meeting, which was attended by the chief of various financial sector regulators, discussed important financial issues which can affect the country’s financial sectors and its stability.

IMPORTANT FACTS -

Financial issues discussed :

• It discussed the Early Warning Indicators for the economy and India’s preparedness to deal with them, improving the efficiency of the existing Financial/Credit Information Systems, issues of governance and management in Systemically Important Financial Institutions including Financial Market Infrastructures, strengthening cyber security framework in the financial sector,etc.

The meeting was attended by :

• Dr. Bhagwat Kishanrao Karad, Minister of State for Finance ;
• Pankaj Chaudhary, Minister of State for Finance ;
• Dr. T. V. Somanathan, Finance Secretary and Secretary, Department of Expenditure, Ministry of Finance;
• Shri Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance; 
• Shri Tarun Bajaj, Secretary, Department of Revenue, Ministry of Finance; Shri Sanjay Malhotra, Secretary, Department of Financial Services, Ministry of Finance;  
• Dr. V. Anantha Nageswaran, Chief Economic Adviser, Ministry of Finance;

Head of Financial Sector Regulators :

• Shaktikanta Das, Governor, Reserve Bank of India; 
• Ms. Madhabi Puri Buch, Chairperson, Securities and Exchange Board of India; 
• Debasish Panda, Chairperson, Insurance Regulatory and Development Authority of India; 
• Supratim Bandyopadhyay, Chairperson, Pension Fund Regulatory and Development Authority;
• Ravi Mittal, Chairperson, Insolvency and Bankruptcy Board of India, Shri Injeti Srinivas, Chairperson, International Financial Services Centers Authority, and the 
• Secretary of the FSDC, Department of Economic Affairs, Ministry of Finance.

Financial Stability and Development Council (FSDC) :

• It was set up on the recommendation of the Raghu Ram Rajan committee on “Financial Sector Reform”.
• FSDC was set up by the Government of India in 2010.

Function of the FSDC :

• 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.

ADDITIONAL INFORMATION -

Sub-Committee of FSDC : 

• The FSDC Sub-committee has also been set up under the chairmanship of Governor, RBI. 
• All the members of the FSDC are also the members of the Sub-committee.
•  All four Deputy Governors of the RBI are also the members of the Sub Committee. 

Full Form :

• Financial Stability and Development Council