Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, presided over the 28th meeting of the Financial Stability and Development Council (FSDC) in New Delhi on Thursday.
Dr. Bhagwat Karad, the Minister of State for Finance, joined the gathering alongside distinguished dignitaries and officials representing various financial regulatory bodies under her stewardship.
The meeting, held under her stewardship, witnessed the presence of Minister of State for Finance, Dr Bhagwat Karad, along with esteemed dignitaries and officials from various financial regulatory bodies.
The finance mministry posted on X informing that Nirmala Sitharaman chaired the 28th meeting of the Financial Stability and Development Council (FSDC) in New Delhi today.
Participants in the meeting include the Reserve Bank of India Governor, Finance Secretary, Secretary of the Department of Expenditure, Secretaries of the Departments of Economic Affairs and Revenue, Department of Financial Services, Ministry of Corporate Affairs, Chief Economic Adviser, Chairpersons of SEBI, PFRDA, IFSCA, IBBI, and senior officials of the Ministry of Finance.
The Financial Stability and Development Council (FSDC), established by the Government in December 2010, serves as the apex forum aimed at fortifying financial stability, fostering inter-regulatory coordination, and advancing the development of the financial sector.
Chaired by the Finance Minister, the council comprises heads of key financial sector regulators such as the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Pension Fund Regulatory and Development Authority (PFRDA), Insurance Regulatory and Development Authority (IRDA), and Forward Markets Commission (FMC).
Additionally, senior officials from the Ministry of Finance and the Chief Economic Adviser are also integral members of the council.
The 28th FSDC meeting also saw participation from luminaries representing regulatory bodies such as (Reserve Bank of India) RBI, Securities and Exchange Board of India (SEBI), Pension Fund Regulatory and Development Authority (PFRDA), Insurance Regulatory and Development Authority of India (IRDA), and Forward Markets Commission (FMC), among others.
The gathering provided a platform to deliberate on critical issues concerning financial stability, inter-regulatory coordination, and the development of the financial sector in India.
One of the primary objectives of the FSDC is to ensure macro-prudential supervision of the economy, including monitoring the functioning of large financial conglomerates.
Additionally, the council addresses matters pertaining to inter-regulatory coordination and financial sector development, with a focus on enhancing financial literacy and fostering financial inclusion initiatives across the nation.
The FSDC meeting underscored the government’s commitment to maintaining a robust and resilient financial system that not only fosters economic growth but also safeguards the interests of all stakeholders.
As India continues its journey towards becoming a global economic powerhouse, forums like the FSDC play a pivotal role in shaping policies and regulations to navigate the complexities of the financial landscape.
(with ANI inputs)
