• Finance Minister chairs the 27th Meeting of Financial Stability and Development Council (FSDC).

About FSDC

• A non-statutory apex council under the Ministry of Finance constituted by the Executive Order in 2010.
• The Raghuram Rajan committee (2008) on financial sector reforms first proposed the creation of FSDC.
• Chairman: Finance Minister
• Members: Minister of State, in charge of Department of Economic Affairs, Heads of all Financial Sector Regulators (RBI, SEBI, PFRDA, IRDAI, IBBI); Secretaries to various departments.
  • FSDC sub-committee is headed by the RBI Governor.
• Functions:
  • To strengthen and institutionalize the mechanism for maintaining financial stability, enhancing inter-regulatory coordination and promoting financial sector development.
  • To monitor macro-prudential supervision of the economy. It assesses the functioning of the large financial conglomerates.