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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 macroprudential supervision of the economy.
1. It is an organ of NITI Aayog.
2. It is headed by the Union Finance Minister.
3. It monitors macroprudential 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&r...
Financial Stability and Development Council (FSDC)
Financial Stability and Development Council (FSDC) is an important institution in India that aims to strengthen and institutionalize the mechanism for maintaining financial stability, enhancing inter-regulatory coordination, and promoting financial sector development.
Correct Statements:
- Statement 2: It is headed by the Union Finance Minister. This statement is correct as FSDC is indeed headed by the Union Finance Minister. The council includes heads of regulatory bodies such as RBI, SEBI, IRDA, and PFRDA, among others, along with top officials from the Finance Ministry.
- Statement 3: It monitors macroprudential supervision of the economy. This statement is also correct as one of the key functions of FSDC is to monitor and assess macroprudential supervision to ensure the stability of the financial system in the country.
Therefore, the correct answer is option C - 2 and 3 only.
- Statement 1: It is an organ of NITI Aayog. This statement is incorrect as FSDC is not an organ of NITI Aayog. It is an autonomous body established by the government of India in 2010.
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With reference to ‘Financial Stability and Development Council&r...
(i) Financial Stability and Development Council is an apex-level body constituted by the government of India. The idea to create such a super regulatory body was first mooted by the Raghuram Rajan Committee in 2008. Finally in 2010, the then Finance Minister of India, Pranab Mukherjee, decided to set up such an autonomous body dealing with macro prudential and financial regularities in the entire financial sector of India.
(ii) It falls under Dep. Of economic affairs and FM is the chairman. So, 1 is wrong and 2 is right. By elimination, we are left with answer “c”.
(ii) It falls under Dep. Of economic affairs and FM is the chairman. So, 1 is wrong and 2 is right. By elimination, we are left with answer “c”.
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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 macroprudential 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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