6 min read- 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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