LIC to buy stake in IDBI: When the FSDC was found missing in action

The FSDC has been the weakest body populating the financial sector and needs to be taken apart

The apex body of the financial sector, Financial Stability and Development Council (FSDC) is missing in action. On Saturday, insurance regulator, Insurance Regulatory and Development Authority gave its approval for Life Insurance Corporation to pick up a 51 per cent stake in IDBI Bank; weeks earlier, the Reserve Bank of India had come out with a blueprint for public credit registries and of course meanwhile the banks are roiled with bad debts. But none of these have made it to the agenda of the FSDC, despite massive cross cutting regulatory aspects that colour each of them. 

The FSDC is chaired by