IAS Economy Practice Question . 1

A recent and significant development on the financial stability front has been the setting up of the Financial Stability and Development Council (FSDC) in India. Who heads this council?
[A]Prime Minister
[B]Finance Minister
[C]Finance Secretary
[D]RBI Governor


Answer: Finance Minister
Financial Stability and Development Council (FSDC) is under the chairmanship of the Finance Minister with a wide mandate of systemic oversight, regulatory co-ordination, financial sector development and promotion of financial literacy and financial inclusion. A sub-committee under the chairmanship of Governor of the Reserve Bank acts as the operational arm of the FSDC. It provides a mechanism for co-ordination among regulators, and between regulators and the government which, as we realized during this crisis, is critically important, especially during stressed times.

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