Finance Minister Pranab Mukherjee has said that the proposed high-level Financial Stability and Development Council (FSDC) would be established soon but will not dilute the autonomy of individual regulators.
“We hope to institutionalise these arrangements (FSDC) very soon,” he said while addressing the seventh India Investment Forum meeting here yesterday. Without prejudice to the autonomy of regulators, this council would monitor macro prudential supervision of the economy, including the functioning of large financial conglomerates, and address inter-regulatory coordination issues, Mukherjee said. It would also focus on financial literacy and financial inclusion, he added.
