| With reference to 'Financial Stability and Development Council', consider the following statements |
| 1. It is an organ of NITI Aayog. |
| 2. It is headed by the Union Finance Minister. |
| 3. It monitors macroprudential supervision of the economy. |
| Which of the statements given above is/are correct? |
A) 1 and 2
B) Only 3
C) Only 2 and 3
D) 1, 2 and 3
Correct Answer: C
Solution :
Exp. [c] The Central Government is at consensus to establish Financial Stability and Development Council (FSDC) to strengthen and institutionalise the mechanism for maintaining financial stability and development. FSDC will perform following roles To engage in macroprudential supervision of the economy, Including the functioning of large financial conglomerates and address inter-regulatory coordination issues. To focus on financial literacy and financial inclusion. To periodically look into issue relating to financial development. The Council would have one Sub-Committee which would be headed by Governor, RBI. The Secretariat of the Council would be in the Department of Economic Affairs, Ministry of Finance.
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