The Sub-Committee of Financial Stability and Development Council (FSDC) reviewed major global and domestic developments that could impinge country’s financial stability. The sub-committee meeting was headed by Reserve Bank of India (RBI) Governor Urjit Patel.
Sub-Committee of the FSDC also discussed setting up of National Centre for Financial Education (NCFE), operationalisation of information utilities registered by the IBBI, sharing of data among regulators and implementation status of Legal Entity Identifier (LEI).
Besides, it also reviewed activities of its various technical groups as well as functioning of State Level Coordination Committees. Its recommendations on FinTech and digital innovations, shadow banking implementation group and Stewardship Code were also discussed.
Financial Stability and Development Council (FSDC)
FSDC is super regulatory body for regulating financial sector which is vital for bringing healthy and efficient financial system in the economy. Its mandate is to strengthen and institutionalise mechanism of maintaining financial stability, financial sector development, inter-regulatory coordination along with monitoring macro-prudential regulation of economy.
The Union Finance Minister is chairman of FSDC. Its members are heads of the financial sector regulatory authorities (i.e, RBI, SEBI, IRDA, PFRDA), Finance Secretary and/or Secretary, Department of Economic Affair; Secretary, Department of Financial Services, and Chief Economic Adviser.