Q. With respect to the Financial Stability Development Council, consider the following statements:
It is an executive and statutory council under the Ministry of Finance.
The Raghuram Rajan committee (2008) on financial sector reforms proposed for its creation.
It is chaired by the Governor of RBI.
Which of the statements given above is/are correct? Answer:
Only 2
Notes:
Financial Stability Development Council is anon-statutory apex council under the Ministry of Finance constituted by the Executive Order in 2010.
The Raghuram Rajan committee (2008) on financial sector reforms first proposed the creation of FSDC.
It is chaired by the finance minister and its members include the heads of all Financial Sector Regulators (RBI, SEBI, PFRDA & IRDA), Finance Secretary, Secretary of Department of Economic Affairs (DEA), Secretary of Department of Financial Services (DFS), and Chief Economic Adviser.
In 2018, the government reconstituted FSDC to include the Minister of State responsible for the Department of Economic Affairs (DEA), Secretary of Department of Electronics and Information Technology, Chairperson of the Insolvency and Bankruptcy Board of India (IBBI) and the Revenue Secretary.
FSDC sub-committee is headed by the Governor of RBI.