TOPIC: GS PAPER II POLICY & GOVERNANCE
Statutory, regulatory and various quasi-judicial bodies.
Finance Minister Arun Jaitley will chair pre-Budget consultation meeting with financial sector regulators and take stock of the economic situation. Fiscal position, external sector environment, financial sector reforms, rising non-performing assets and regulatory issues are likely to figure in the meeting. Apart from offering proposals for the Union Budget 2018 -19, the FSDC would also review the measures taken by the government and the RBI for dealing with the stressed assets and initiation of insolvency action against defaulting promoters.
The Financial Stability and Development Council (FSDC) were constituted in December, 2010.
The Council is chaired by the Union Finance Minister and its members are Governor, Reserve Bank of India; Finance Secretary and/or Secretary, Department of Economic Affairs; Secretary, Department of Financial Services; Chief Economic Adviser, Ministry of Finance; Chairman, Securities and Exchange Board of India; Chairman, Insurance Regulatory and Development Authority and Chairman, Pension Fund Regulatory and Development Authority.
The Council deals, inter-alia, with issues relating to financial stability, financial sector development, inter–regulatory coordination, financial literacy, financial inclusion and macro prudential supervision of the economy including the functioning of large financial conglomerates. No funds are separately allocated to the Council for undertaking its activities.
QUESTION ARISING FROM THIS NEWS:
Q1) What is Financial Stability and Development Council (FSDC)? Discuss its main function.
Sources: The Hindu, 4 Nov
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