Daily Current Affairs for UPSC Civil Services Exam – 16 December 2020

In Today’s News:

  1. FSDC meeting held.

1. FSDC meeting held

News Summary

The 23rd meeting of the Financial Stability and Development Council was held on December 15, 2020 under the chairmanship of the Hon’ble Union Finance Minister Smt.Nirmala Sitharaman. Discussions were held to ensure consistent support for the financial sector and maintaining financial stability.

Prelims GS3 – Economic Development

Financial Stability and Development Council:(FSDC)
  • With a view of strengthening and institutionalizing the mechanism for maintaining financial stability, enhancing inter-regulatory coordination, and promoting financial sector development, the Financial Stability and Development Council (FSDC) was set up by the Government as the apex level forum in December 2010.
  • The Union Finance Minister is the Chairperson of the Financial Stability and Development Council(FSDC).
  • Its members shall be ;
    • Governor, Reserve Bank of India (RBI),
    • Finance Secretary and/or Secretary, Department of Economic Affairs (DEA),
    • Secretary, Department of Financial Services (DPS).
    • Chief Economic Advisor, Ministry of Finance,
    • Chairman, Securities, and Exchange Board of India (SEBl),
    • Chairman, Insurance Regulatory and Development Authority (IRDA),
    • Chairman Pension Fund Regulatory and Development Authority (PFRDA),
  • The Council shall deal with issues relating to :
    • Financial stability
    • Financial sector development
    • lnter-regulator>’ coordination
    • Financial literacy
    • Financial inclusion
    • Macroprudential supervision of the economy including the functioning of large financial conglomerates

Click here to view the gazette notification of the setup of FSDC.



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