Pranab chairs first FSDC meeting

• Union Finance Minister Pranab Mukherjee on Friday chaired the first meeting of the Financial Stability and Development Council (FSDC) formed to sort out inter-regulatory issues. FSDC includes Reserve Bank of India Governor, Finance Secretary and heads of regulators like Securities and Exchange Board of India (SEBI) and Insurance Regulatory and Development Authority (IRDA).
• Mr. Mukherjee had proposed to set up the FSDC to deal with 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. The Council is also expected to coordinate the country's international interface with financial sector bodies such as the Financial Action Task Force (FATF) and Financial Stability Board (FSB).