Pranab holds first financial council meeting
December 31st, 2010 - 8:45 pm ICT by IANS
New Delhi, Dec 31 (IANS) Finance Minister Pranab Mukherjee Friday held the first meeting of the Financial Stability Development Council (FSDC) - a high-level body which has been set up to resolve inter-regulatory coordination issues. Reserve Bank of India Governor D. Subbarao and Securities and Exchange Board of India (SEBI) Chairman C.B. Bhave were present at the meeting. It discussed exchange rate issues and the impact of European crisis on Indian economy.
“Currency issues, as is being played out, could have implications for India. The effort to keep the value of currencies artificially low could have adverse impact on the competitiveness of Indian companies,” a statement issued after the meeting said.
The council also voiced concerns over protectionism in the some advanced economies. “If nations adopt protectionist measures, it could have serious implications for the world economy as a whole,” it said.
Earlier, the finance ministry notified the creation of the Financial Stability Development Council (FSDC).
FSDC is chaired by the union finance minister and all financial sector regulators are members of it.
The council will deal with the issues related to financial stability, financial sector development, inter-regulatory coordination, financial inclusion and macro prudential supervision of the economy, including the functioning of large financial conglomerates, among others.
- Mukherjee discusses setting up FSDC with regulators - Oct 12, 2010
- Pranab Mukherjee holds first FSDC meet - Dec 31, 2010
- Financial oversight body by December: Minister - Nov 23, 2010
- India eying double-digit growth by 2012: Mukherjee - Oct 07, 2010
- Mukherjee asks global investors to participate in India's growth - Oct 07, 2010
- Financial stability panel takes up Eurozone contingency plan - Jun 14, 2012
- Apex finance panel agrees with RBI rate hike - Jul 27, 2011
- G-20 Summit Declaration - Jun 20, 2012
- India's financial system still strong, says RBI deputy governor - Apr 26, 2012
- G20 needs to coordinate policies against protectionism: Mukherjee (Lead) - Sep 17, 2010
- India, US to deepen ties in reforms, infrastructure finance - Jun 29, 2011
- Panel to clean up financial sector laws soon: Mukherjee - Nov 19, 2010
- Govt. aiming at double digit GDP growth in medium term: Pranab Mukherjee - Nov 19, 2010
- G-20 leaders call for reducing fiscal deficits by half by 2013, more sustainable, balanced growth - Jun 28, 2010
- SEBI sets disclosure terms for life insurance companies - Oct 26, 2010
Tags: adverse impact, bank of india, coordination issues, currency issues, exchange board, finance ministry, financial conglomerates, financial sector development, financial stability, indian economy, pranab mukherjee, protectionism, protectionist measures, prudential supervision, reserve bank of india, sebi, securities and exchange board of india, subbarao, union finance minister, world economy