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Pranab Mukherjee holds first financial council meeting

Posted by on December 31, 2010 0 Comment

New Delhi, Dec 31: 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.  –(IANS)

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