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With reference to ‘Financial Stability and Development Council’, consider the following statements:
1. It is an organ of NITI Aayog.
2. It is headed by the Union Finance Minister.
3. It monitors macro-prudential supervision of the economy.
Which of the statements given above is/are correct? (2016)
- a)1 and 2 only
- b)3 only
- c)2 and 3 only
- d)1, 2 and 3
Correct answer is option 'C'. Can you explain this answer?
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With reference to ‘Financial Stability and Development Council’, cons...
Financial Stability and Development Council (FSDC)
The Financial Stability and Development Council (FSDC) is a high-level body established in India to ensure financial stability and promote financial sector development. It was constituted in 2010 by the Government of India as an apex-level coordinating body for various financial sector regulatory bodies, ministries, and departments.
Statement 1: It is an organ of NITI Aayog.
This statement is incorrect. The Financial Stability and Development Council (FSDC) is not an organ of NITI Aayog. NITI Aayog, formerly known as the Planning Commission, is a policy think tank of the Government of India. FSDC is a separate entity established to address financial stability and development issues.
Statement 2: It is headed by the Union Finance Minister.
This statement is correct. The Financial Stability and Development Council (FSDC) is headed by the Union Finance Minister of India. The Finance Minister chairs the meetings of the FSDC and provides overall guidance and direction to the council.
Statement 3: It monitors macro-prudential supervision of the economy.
This statement is also correct. One of the key functions of the Financial Stability and Development Council (FSDC) is to monitor macro-prudential supervision of the economy. Macro-prudential supervision refers to the oversight of the financial system as a whole, focusing on potential risks and vulnerabilities that could impact the stability of the system.
Therefore, the correct answer is option (c) 2 and 3 only. The Financial Stability and Development Council (FSDC) is not an organ of NITI Aayog, but it is headed by the Union Finance Minister and it monitors macro-prudential supervision of the economy.
The Financial Stability and Development Council (FSDC) is a high-level body established in India to ensure financial stability and promote financial sector development. It was constituted in 2010 by the Government of India as an apex-level coordinating body for various financial sector regulatory bodies, ministries, and departments.
Statement 1: It is an organ of NITI Aayog.
This statement is incorrect. The Financial Stability and Development Council (FSDC) is not an organ of NITI Aayog. NITI Aayog, formerly known as the Planning Commission, is a policy think tank of the Government of India. FSDC is a separate entity established to address financial stability and development issues.
Statement 2: It is headed by the Union Finance Minister.
This statement is correct. The Financial Stability and Development Council (FSDC) is headed by the Union Finance Minister of India. The Finance Minister chairs the meetings of the FSDC and provides overall guidance and direction to the council.
Statement 3: It monitors macro-prudential supervision of the economy.
This statement is also correct. One of the key functions of the Financial Stability and Development Council (FSDC) is to monitor macro-prudential supervision of the economy. Macro-prudential supervision refers to the oversight of the financial system as a whole, focusing on potential risks and vulnerabilities that could impact the stability of the system.
Therefore, the correct answer is option (c) 2 and 3 only. The Financial Stability and Development Council (FSDC) is not an organ of NITI Aayog, but it is headed by the Union Finance Minister and it monitors macro-prudential supervision of the economy.
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With reference to ‘Financial Stability and Development Council’, cons...
Statement 1: With a view to 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 (much before NITI AAyog was even setup). So, 1 is incorrect.
Statement 2: The Chairman of the Council is the Finance Minister and its members include the heads of financial sector Regulators (RBI, SEBI, PFRDA, IRDA & FMC) Finance Secretary and/or Secretary, Department of Economic Affairs, Secretary, Department of Financial Services, and Chief Economic Adviser. So, 2 is correct.
Statement 3: Without prejudice to the autonomy of regulators, the Council monitors macro-prudential supervision of the economy, including the functioning of large financial conglomerates, and addresses inter-regulatory coordination and financial sector development issues. So, 3 is correct. It also focuses on financial literacy and financial inclusion.
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With reference to ‘Financial Stability and Development Council’, consider the following statements:1. It is an organ of NITI Aayog.2. It is headed by the Union Finance Minister.3. It monitors macro-prudential supervision of the economy.Which of the statements given above is/are correct? (2016)a) 1 and 2 onlyb) 3 onlyc) 2 and 3 onlyd) 1, 2 and 3Correct answer is option 'C'. Can you explain this answer?
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