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Finance Minister Chairs the eighteenth meeting of the FSDC in New Delhi

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Eighteenth Meeting of the Financial Stability and Development Council (FSDC) was held in New Delhi on December 29, 2017 under the Chairmanship of the Union Minister of Finance, Arun Jaitley.

Highlights of eighteenth meeting of Financial Stability and Development Council (FSDC):

The meeting focused on pre-Budget 2018-19 consultations with the heads of financial sector regulators.
FSDC

  • Regulators presented their proposals for the Union Budget 2018-19 in context of the developments in their respective functional areas.
  • FSDC has advised concerned Ministries/Departments to examine these proposals in detail for appropriate further decision.
  • The meeting was also attended by senior officers of the Government of India.

 Eighteenth meeting of Financial Stability and Development Council (FSDC) was attended by:

Name Designation
Urjit R. Patel Governor of Reserve Bank of India (RBI)
Hasmukh Adhia Finance Secretary and Secretary, Department of Revenue
Subhash Chandra Garg Secretary, Department of Economic Affairs
Rajiv Kumar Secretary, Department of Financial Services
Injeti Srinivas Secretary, Ministry of Corporate Affairs (MCA)
Dr. Arvind Subramanian Chief Economic Adviser
Ajay Tyagi Chairman of Securities and Exchange Board of India (SEBI)
T.S. Vijayan Chairman of Insurance Regulatory and Development Authority of India
Hemant G Contractor Chairman of Pension Fund Regulatory and Development Authority (PFRDA)
M. S. Sahoo Chairman of Insolvency and Bankruptcy Board of India (IBBI)

About Financial Stability and Development Council (FSDC):

FSDC is an apex-level body setup in 2010 by Government of India as an autonomous non-statutory body. FSDC was formed in the wake of 2008 global financial meltdown and to avoid such situations in future.

  • Key task of FSDC is to track and evaluate the global and domestic developments which may affect financial stability of India.
  • Idea to have such a body was first recommended by Raghuram Rajan Committee in 2008.
  • Union Finance Minister is the Chairperson of FSDC.