Arun Jaitley chairs the 17th meeting of FSDC

TNPSC Current Affairs - August 2017 by TNPSC Guru 

Union Finance Minister Shri Arun Jaitley has chaired the 17^th Meeting of “Financial Stability and Development Council (FSDC) “ held in New Delhi. It was attended by Governor of RBI, Dr. Urjit R. Patel ,  Ajay Tyagi, Chairman, SEBI, T.S. Vijayan, Chairman, IRDAI and other Financial sector regulators.

About FSDC. 

Financial Stability and Development council is an autonomus body deals with financial regularities of financial sector across the Country.

It was set up in 2010, which was proposed by former RBI Governor Raghuram Rajan. It is an apex body not the Statutory body.

Why FSDC? 

• In India there are different regulators for various sections of financial sectors like for Commercial banks - RBI is the regulator, for Capital market –SEBI NBFC are the regulator, IRDAI will look into life Insurance and more.
• So for controlling the different financial regulators to ensure better efficiency and avoiding overlapping the function, government of India has formed Financial Stability and Development Council in 2010.
• Union finance Minister is the chairman of FSDC. The first chairman was Pranab Mukherjee.