(a) the terms of reference and composition of the financial stability and development
council along with funds utilised by the council so far;
(b) the entity- wise details of suggestions taken into consideration and those
rejected along with the reasons therefor; and
(c) the action taken thereon?
MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI NAMO NARAIN MEENA)
(a) The Financial Stability and Development Council (FSDC) has been constituted vide
GOI notification dated 30th 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.
(b) and (c ) : The Council and its Sub-Committee(chaired by Governor, Reserve Bank of India)
deliberate on agenda items proposed by any of the members of the Council which broadly include
matters relating to financial stability, inter-regulatory coordination, and financial sector
development. The Council/Sub-committee deliberates on these issues and suggests taking
appropriate steps, as required.