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FSDC panel reviews global, domestic factors impinging financial stability reviewed major developments on global and domestic fronts that impinge on the country's financial stability.

FSDC panel reviews global, domestic factors impinging financial stability

The sub-committee of financial stability and development council (FSDC) reviewed the major developments on global and domestic fronts that has an impact on the country's financial stability. The meeting was chaired by the RBI governor.

Other major developments that were reviewed in the meeting:

  • The status of implementation of the recommendations of the financial stability board
  • The progress of the financial sector assessment program 2017
  • Setting up a computer emergency response team for the financial sector
  • Roadmap for a national center for financial education and macro prudential framework in India were also discussed

Financial Stability and Development Council(FSDC)

Objective:

To strengthen and institutionalize the mechanism, to ensure financial stability, enhance inter-regulatory coordination and promote financial sector development

Composition:

  • The Chairman of the FSDC is the Finance Minister of India
  • Members include the heads of the financial sector regulatory authorities (SEBI, IRDA, RBI, PFRDA and FMC), Secretaries from the Ministry of Finance and the Chief Economic Adviser
  • A sub-committee of FSDC has also been set up under the chairmanship of Governor RBI. Its mandate is to discuss and decide on a range of issues relating to financial sector development and stability

Computer emergency response team for the financial sector(CERT-Fin)

  • The move to set up an emergency response team comes in the backdrop of increased cyber-attacks in the financial system
  • A specializes cell in the RBI has been created to conduct a detailed examination of the cybersecurity preparation of banks, to identify the gaps and monitor the progress of existing remedial measures

National Centre for Financial Education:

  • It comprises representatives from all financial sector regulators
  • It has been set up to implement National Strategy for Financial Education (NSFE)
  • The main role is to spread financial education among all sections of the population through awareness campaigns
Read 495 times Last modified on Saturday, 22 April 2017 15:39

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