Government to set up Financial Stability and Development Council (FSDC)

The Central Government is at consensus to establish Financial Stability & Development Council (FSDC) to strengthen and institutionalize the mechanism for maintaining financial Stability and Development.

What would be the role of FSDC?

FSDC will perform following role:

  • To engage in macro prudential supervision of the economy, including the functioning of large financial conglomerates and address inter-regulatory coordination issues.
  • To focus on financial literacy and financial inclusion.
  • To periodically look into issue relating to financial development.

Who would be the head of the Council?

The Council would have one Sub-Committee which would be headed by Governor, RBI. The Secretariat of the Council would be in the Department of Economic Affairs, Ministry of Finance.

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Categories: Banking Current Affairs 2017India Current Affairs 2017

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