With reference to Financial Stability and Development Council FSDC consider following statements It ...........

Economic Affairs Financial Institutions

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With reference to Financial Stability and Development Council (FSDC), consider following statements

It is a non statutory body chaired by the Union Finance Minister of India.
Under the Raghuram Rajan committee (2008) on financial sector reforms first proposed the creation of FSDC.
It aims to strengthen and institutionalize the mechanism for maintaining financial stability and enhances inter-regulatory coordination.

Select the correct statement.

1&2 only

2&3 only

1&3 only

All of the above

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Explanation:

Recently, Union Finance Minister chaired the 22nd Meeting of the Financial Stability and Development Council (FSDC) to review the current global and domestic macro-economic situation, financial stability and vulnerabilities issues etc. It was setup in 2010 by Indian Government as an executive body. It replaced the High Level Coordination Committee on Financial Markets (HLCCFM). The idea to create such a super regulatory body was first mooted by the Raghuram Rajan Committee in 2008. FSDC is not a statutory body. No funds are separately allocated to the council for undertaking its activities. Its objectives are to strengthen and institutionalize the mechanism for maintaining financial stability and Enhancing inter-regulatory coordination. Hence all statements are correct.