New Delhi [India], October 23 : Union Finance Minister Nirmala Sitharaman on Friday chaired the 30th meeting of the Financial Stability and Development Council (FSDC) in New Delhi, with the Reserve Bank of India Governor, heads of financial sector regulators and senior government officials in attendance.
According to a social media post by the Ministry of Finance, "Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman chairs the 30th meeting of the Financial Stability and Development Council #FSDC, in New Delhi, today."
The meeting was attended by the RBI Governor, secretaries from the Department of Economic Affairs, Department of Revenue and Department of Financial Services, among other senior government officials.
The Chief Economic Adviser to the Government of India and chairpersons of key financial regulators, including the Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI), International Financial Services Centres Authority (IFSCA), Pension Fund Regulatory and Development Authority (PFRDA) and Insolvency and Bankruptcy Board of India (IBBI), also attended the meeting.
Senior officials from the Ministry of Electronics and Information Technology (MeitY) and the Indian Computer Emergency Response Team (CERT-In) were also present.
The FSDC is the government's apex-level forum for discussing issues relating to financial stability, financial sector development and coordination among financial regulators.
Its responsibilities also include financial literacy, financial inclusion and macroprudential supervision of the economy, including the functioning of large financial conglomerates.
The council was constituted through a government notification dated December 30, 2010, and is chaired by the Union Finance Minister. Its members include the RBI Governor, senior Finance Ministry officials and the heads of key financial sector regulators.
The FSDC and its subcommittee, chaired by the RBI Governor, deliberate on matters proposed by council members concerning financial stability, coordination among regulators and financial sector development, and suggest appropriate steps where required.
The participation of senior officials from the government, financial regulators and CERT-In brought representatives from multiple institutions responsible for financial oversight and related areas together at the meeting.