Pranab Mukherjee holds first FSDC meet

NEW DELHI - Union Finance Minister Pranab Mukherjee held the first meeting of Financial Stability and Development Council (FSDC) here on Friday.

Reserve Bank of India (RBI) Governor D Subbarao, Securities and Exchange Board of India (SEBI) Chairman C B Bhave, Insurance Regulatory and Development Authority (IRDA) Chairman J Hari Narayan, Finance Secretary Ashok Chawla and Financial Services Secretary R Gopalan attended today’s meeting.

After the meeting, Mukherjee told reporters that the meeting proved to be a very positive one.

“I am not going to issue it (press release). It will be issued by the department shortly. We had a very positive and constructive meting. This is the first meeting of the FSDC (Financial Stability and Development Council). A press release will be issued,” said Mukherjee.

Finance Secretary Ashok Chawla said broad issues regarding the state of economy were discussed in the meeting held today.

“At the first meeting of the financial stability and development council the ministry is going to issue a press release and very broad issues regarding the state of the economy and the international economy,” said Chawla.

Mukherjee has proposed to set up FSDC to deal with financial stability, financial sector development, inter-regulatory coordination and several other important financial issues.

According to media reports, the Council is also expected to coordinate the country’s international interface with financial sector bodies such as the Financial Action Task Force and Financial Stability Board. (ANI)