17th meeting of FSDC was held in New Delhi

17th meeting of FSDC was held in New Delhi

17th meeting of FSDC was held in New Delhi

On August 22, 2017, the 17th meeting of the Financial Stability and Development Council (FSDC) was held in New Delhi.

  • The Finance Minister Arun Jaitley chaired the meeting.
  • Chief Economic Adviser, Dr. Arvind Subramanian made a presentation on the state of the economy.

The main highlights of the meeting →

  • The Council observed that due to long-term positive consequences of demonetization, structural reforms with the launch of the GST and improvements in India’s macro-economic fundamentals, India has macro-economic stability.
  • The FSDC stressed the requirement to keep the constant observance to manage any external and internal vulnerabilities for the Indian economy.
  • The Council discussed the various issues and challenges facing the Indian economy.
  • The Council also took remark of the progress and developments made in setting up of Computer Emergency Response Team in the Financial Sector (CERT-Fin) and Financial Data Management Centre.
About the Financial Stability and Development Council (FSDC) →

·       Chaired by the Union Finance Minister, the Financial Stability and Development Council (FSDC) was constituted by GOI notification dated December 30, 2010.

·       The FSDC deals with various issues, such as financial sector development, inter–regulatory co-ordination, financial stability, financial inclusion, financial literacy and macro prudential supervision of the economy including the functioning of large financial conglomerates.

·       Its members are → Governor, Reserve Bank of India; Chief Economic Adviser, Ministry of Finance; Finance Secretary and/or Secretary, Department of Economic Affairs; Secretary, Department of Financial Services; Chairman, Securities and Exchange Board of India; Chairman, Insurance Regulatory and Development Authority and Chairman, Pension Fund Regulatory and Development Authority.

·       There is no any separate provision to allocate funds for the Council for undertaking its activities.

 

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