FSDC meeting: A sparse agenda points to the Council's growing irrelevance

So far, FSDC has only been about trivial details, forming sub-committee after sub-committee, without exercising the authority its mandate allows it, even as long-standing disputes remain unresolved

The Financial Stability and Development Council (FSDC), established in 2010, and whose 20th meeting was held on Tuesday, is a ‘super-regulator’ on paper at least. It is supposed to be a forum where issues that affect the country’s financial and regulatory framework, and their solutions, are discussed threadbare.

The FSDC brings all the financial sector regulators on one table to handle matters relating to financial stability, inter-regulatory coordination, and financial sector development, as its own terms of reference notes.

However, going by the latest meeting, and those before it, there are growing concerns about the FSDC’s irrelevance. So far, the FSDC has