Nirmala Sitharaman chairs FSDC panel meeting, takes stock of economy
National
- The 22nd meeting of Financial Stability and Development Council (FSDC) held through video conferencing in New Delhi.
- The meeting chaired by Finance Minister Nirmala Sitharaman is reviewing the measures to maintain financial stability in the context of COVID-19 pandemic.
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.
- An apex-level FSDC is not a statutory body.
- The recent global economic meltdown has put pressure on governments and institutions across the globe to regulate their economic assets.