Regulators to take necessary action to preserve financial stability: FSDC sub-committee
Banking
- The Financial Stability and Development Council (FSDC) sub-committee headed by RBI Governor Shaktikanta Das resolved to remain to emerging challenges following the coronavirus outbreak and take necessary action to preserve financial stability.
- The RBI in a statement said, the meeting, held through video conferencing, was attended by officials of financial sector regulators including SEBI and IRDAI as well as finance ministry.
Source: AIR
Related General Knowledge
Financial Stability and Development Council
- Financial Stability and Development Council (FSDC) is an apex-level body constituted by the government of India.
- The idea to create such a super regulatory body was first mooted by the Raghuram Rajan Committee in 2008.
- Finally in 2010, the then Finance Minister of India, Pranab Mukherjee, decided to set up such an autonomous body dealing with macro prudential and financial regularities in the entire financial sector of India.
Reserve Bank of India
- The Reserve Bank of India is India's central bank, which controls the issue and supply of the Indian rupee.
- RBI is the regulator of entire Banking in India.
- RBI plays an important part in the Development Strategy of the Government of India.
- Governor: Shaktikanta Das
- Headquarters: Mumbai
- Founded: 1 April 1935, Kolkata
Securities and Exchange Board of India
- The Securities and Exchange Board of India is the regulator of the securities and commodity market in India owned by the Government of India.
- It was established in 1992 and given Statutory Powers on 12 april 1992 through the SEBI Act, 1992.
- Founded: 12 April 1992
- Sector: Securities market
- Headquarters: Mumbai
- Chairperson: Ajay Tyagi
Insurance Regulatory and Development Authority of India
- The Insurance Regulatory and Development Authority of India is an autonomous, statutory body tasked with regulating and promoting the insurance and re-insurance industries in India.
- Founded: 1999
- Sector: Insurance
- Headquarters: Hyderabad
- Type: Statutory corporation
- Chairperson: Subhash Chandra Khuntia