Finance Minister, Nirmala Sitharaman, chaired the 24th meeting of Financial Stability and Development Council (FSDC) at VigyanBhavan, New Delhi.
FM chairs 24th meeting of FSDC
FSDC is an apex-level body that was set by the government of India in order to create a super regulatory body. Its establishment was first recommended by the Raghuram Rajan Committee in 2008.
Finally in 2010, Pranab Mukherjee (the then Finance Minister of India) decided to set up this autonomous body to deal with macro prudential and financial regularities of entire financial sector in India. It is not a statutory body. No funds are allocated separately to the council to undertake its activities.
Members of the council
Chairperson: Union Finance Minister of India
Other Members:
Governor of Reserve Bank of India
Finance Secretary and/ or Secretary of Department of Economic Affairs
Secretary of Department of Financial Services
Secretary of Ministry of Corporate Affairs
Secretary of Ministry of Electronics and Information Technology
Chief Economic Advisor to Ministry of Finance
Chairman of Securities and Exchange Board of India
Chairman of Insurance Regulatory and Development Authority
Chairman of Pension Fund Regulatory and Development Authority
Chairman of Insolvency and Bankruptcy Board of India
