Criminal Trident Pack: IPC, CrPC and IEA by Sr. Adv. G.S Shukla and Adv. Raghav Arora
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

FM meets financial regulators to work out framework for FSDC


Finance Minister Pranab Mukherjee met financial sector regulators, including RBI Governor D Subbarao and SEBI chairman C B Bhave, to work out a framework for the Financial Stability and Development Council (FSDC), a body which will deal with inter-regulatory issues.


"They (Finance Ministry) have asked for reaction from all the regulators which we have given in writing earlier. Today the Finance Minster held a meeting to discuss our reaction on the discussion paper," RBI Governor D Subbarao told reporters on Tuesday after the meeting.


The RBI is believed to have expressed reservations on the proposal saying that the Council, which will be akin to a super-regulator, might dilute its autonomy.


Besides Subbarao and Bhave, the meeting was attended by IRDA Chairman J Hari Narayan and PFRDA Chairman Yogesh Agarwal. Finance Secretary Ashok Chawla was also present.


In the Union Budget, Mukherjee had proposed to set up FSDC with the explicit intention of strengthening and institutionalising the mechanism for maintaining financial stability.


The Minister recently at New York had said, "Without prejudice to the autonomy of regulators, the Council would undertake macro prudential supervision of the economy, including functioning of large financial conglomerates, and address inter-regulatory coordination issues. It will also focus on financial literacy and financial inclusion."


Tuesday's meeting, according to Subbarao, "was very constructive. We gave our suggestion. He (the Minister) said he will consider them and the finance ministry will respond."


"Loved reading this piece by anu?
Join LAWyersClubIndia's network for daily News Updates, Judgment Summaries, Articles, Forum Threads, Online Law Courses, and MUCH MORE!!"

Tags :

  Views  492  Report

Post a Suggestion for LCI Team
Post a Legal Query