NEWS

25th Meeting of Financial Stability and Development Council held

FINANCIAL STABILITY AND DEVELOPMENT COUNCIL

• Been set up by the government in consultation with financial market regulators
• Set up in 2010
• Not a statutory body, but autonomous
• Idea to create such a super regulatory body was first mooted by the Raghuram Rajan Committee in 2008

AIM-

• Strengthen and institutionalize the mechanism for maintaining financial stability
• Enhance inter-regulatory coordination and promote financial sector development

FUNCTIONS

• Monitors macro-prudential supervision of the economy, including functioning of large financial conglomerates
• Addresses inter-regulatory coordination and financial sector development
• Focuses on financial literacy and financial inclusion