The 26th Meeting of the Financial Stability and Development Council (FSDC)

Why in the News? 

The 26th Meeting of the Financial Stability and Development Council (FSDC) was chaired by the Union Finance Minister.

Key Points:

About

Outcome of 26th Meeting of FSDC:

The Council, inter alia, deliberated on:Improving the efficiency of the existing Financial/Credit Information Systems

• Issues of governance and management in Systemically Important Financial Institutions
• Strengthening cyber security framework in the financial sector, 
• Issues relating to the financing of the Power Sector, 
• the strategic role of GIFT IFSC and  inter-regulatory Issues of GIFT-IFSC
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What is the Financial Stability and Development Council?

• FSDC was set up in 2010. The Chairman of the FSDC is the Finance Minister.
• The FSDC Sub-committee is chaired by the Governor, RBI.
• Membership: FSDC members include the heads of financial sector Regulators (RBI, SEBI, PFRDA, IRDA & FMC) Finance Secretary and/or Secretary, the Department of Economic Affairs, the Secretary, the Department of Financial Services, and the Chief Economic Adviser.
  • In 2018, the Government reconstituted FSDC to include the Minister of State responsible for the Department of Economic Affairs (DEA), Secretary of Department of Electronics and Information Technology, Chairperson of the Insolvency and Bankruptcy Board of India (IBBI) and the Revenue Secretary.

Functions of FSDC:

•  Financial stability
•  Financial sector development
•  Inter–regulatory coordination
• Financial literacy 
• Financial inclusion