Which of the following steps has been initiated in relation to Financial Data Management Centre FDMC...........

Finance (Phase -I & II) Financial Institutions

Which of the following steps has been initiated in relation to Financial Data Management Centre (FDMC) by Council (FSDC) in conducting research on systemic risk?

1. The central government set up a Task Force on setting up of the FDMC.

2. In the budget of 2016-17, the government announced setting up of FDMC to facilitate integrated data aggregation and analysis in the financialsector.

3. Subsequently, a committee was set up to suggest a draft FDMC Bill. The committee submitted its report and a draft bill in 2016.

1 and 2

2 and 3

1 and 3

1, 2 and 3

Only 3

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Explanation:

Council (FSDC) in conducting research on systemic risk. Following steps has been initiated in relation to FDMC:
1. The central government set up a Task Force on setting up of the FDMC. The task-force laid out a roadmap for setting up of FDMC.
2. In the budget of 2016-17, the government announced setting up of FDMC to facilitate integrated data aggregation and analysis in the financialsector.
3. Subsequently, a committee was set up to suggest a draft FDMC Bill. The committee submitted its report and a draft bill in2016.
The Government should expedite setting up a statutory FDMC to create an integrated repository for all financial data. It should develop the capacity to provide research and support and should evolve with changing requirements over a period of time.