Explanation:

Financial Stability and Development Council (FSDC) 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 RaghuramRajan 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. An apex-level FSDC is not a statutory body. · Finance Minister is the chairperson of council.