CURRENT AFFAIRS

Detailed explanation-1: -: Mumbai, September 15, 2022 The 26th Meeting of the Financial Stability and Development Council (FSDC) was chaired by the Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman in Mumbai today.

Detailed explanation-2: -The Financial Stability and Development Council (FSDC) was constituted by an Executive Order of the Union Government as a non-statutory apex body under the Ministry of Finance in 2010. The Raghuram Rajan Committee (2008) on financial sector reforms first proposed the creation of FSDC.

Detailed explanation-3: -With a view to strengthening and institutionalizing the mechanism for maintaining financial stability, enhancing inter-regulatory coordination and promoting financial sector development, the Financial Stability and Development Council (FSDC) was set up by the Government as the apex level forum in December 2010.

Detailed explanation-4: -The council is headed by the finance minister and has the Reserve Bank of India (RBI) governor and chairpersons of the Securities and Exchange Board of India, Insurance Regulatory and Development Authority and Pension Fund Regulatory and Development Authority as other members along with finance ministry officials.