Finance Minister has reviewed the state of the economy at the meeting of the Financial Stability and Development Council(FSDC).
The meeting reviewed the current global and domestic economic situation and financial stability issues including those concerning banking and NBFCs.
The Council was also apprised of the progress made towards setting up of the Financial Data Management Centre to facilitate integrated data aggregation and analysis and also a Computer Emergency Response Team(CERT-Fin) towards strengthening the cyber security framework for the financial sector.
The Financial Stability and Development Council (FSDC) was set up by the Government as the apex level forum in December 2010.
The objective of FSDC is to strengthen and institutionalize the mechanism for maintaining financial stability, enhancing inter-regulatory coordination and promoting financial sector development.
The Chairman of the Council is the Finance Minister and its members include the heads of all Financial Sector Regulators (RBI, SEBI, PFRDA & IRDA), Finance Secretary,Department of Economic Affairs (DEA),Secretary, Department of Financial Services (DFS) and Chief Economic Adviser.
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