The government was likely to notify the formation of the Financial Stability Development Council (FSDC) on Friday, a finance ministry source said.
Finance Minister Pranab Mukherjee, also the chairman of the council, had convened the first meeting of FSDC on Friday, the source said.
In the Union Budget for 2010-11, Mukherjee had announced the setting up of the council, an inter-regulatory body for strengthening and institutionalising the mechanism for financial stability. The council will also focus on financial literacy and inclusion.
Reserve Bank of India Governor D Subbarao, vice-chairman of the council, will also chair the FSDC sub-committee. The council's secretariat will be housed in the Department of Economic Affairs in the finance ministry.
