New Delhi [India], February 21 : Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, led the 28th meeting of the Financial Stability and Development Council (FSDC) on Wednesday in New Delhi.
The meeting, held under her stewardship, witnessed the presence of Minister of State for Finance, Dr Bhagwat Karad, along with esteemed dignitaries and officials from various financial regulatory bodies.
Ministry of Finance posted on X, "Union Minister for Finance and Corporate Affairs Smt. @nsitharaman chairs the 28th meeting of the Financial Stability and Development Council #FSDC in presence of MoS Finance Dr. @DrBhagwatKarad , in New Delhi, today. Reserve Bank of India @RBI Governor; Finance Secretary and Secretary, D/o Expenditure; Secretaries of D/o Economic Affairs, D/o Revenue, @DFS_India and @MCA21India ; Chief Economic Adviser; Chairpersons of SEBI, @ChairmanPFRDA & @IFSCA_Official @IBBIlive and senior officials of @FinMinIndia are also participating in the #FSDC meeting. @RBI
https://twitter.com/FinMinIndia/status/1760170441925398673
The Financial Stability and Development Council (FSDC), established by the Government in December 2010, serves as the apex forum aimed at fortifying financial stability, fostering inter-regulatory coordination, and advancing the development of the financial sector.
Chaired by the Finance Minister, the council comprises heads of key financial sector regulators such as the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Pension Fund Regulatory and Development Authority (PFRDA), Insurance Regulatory and Development Authority (IRDA), and Forward Markets Commission (FMC).
Additionally, senior officials from the Ministry of Finance and the Chief Economic Adviser are also integral members of the council.
The 28th FSDC meeting also saw participation from luminaries representing regulatory bodies such as (Reserve Bank of India) RBI, Securities and Exchange Board of India (SEBI), Pension Fund Regulatory and Development Authority (PFRDA), Insurance Regulatory and Development Authority of India (IRDA), and Forward Markets Commission (FMC), among others.
The gathering provided a platform to deliberate on critical issues concerning financial stability, inter-regulatory coordination, and the development of the financial sector in India.
One of the primary objectives of the FSDC is to ensure macro-prudential supervision of the economy, including monitoring the functioning of large financial conglomerates.
Additionally, the council addresses matters pertaining to inter-regulatory coordination and financial sector development, with a focus on enhancing financial literacy and fostering financial inclusion initiatives across the nation.
The FSDC meeting underscored the government's commitment to maintaining a robust and resilient financial system that not only fosters economic growth but also safeguards the interests of all stakeholders.
As India continues its journey towards becoming a global economic powerhouse, forums like the FSDC play a pivotal role in shaping policies and regulations to navigate the complexities of the financial landscape.
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