Consider the following statements regarding the Financial Stability and Development Council (FSDC):
1. The Union Finance Minister is ex-officio chairman of FSDC
2. It acts as a coordinating agency among various financial sector regulators as the heads of financial sector regulators are its members.
3. Department of Financial Services hosts the secretariat of FSDC
Which of the statements given above are correct?
1 and 2 only
2 and 3 only
1, 2 and 3
1. To strengthen and institutionalize the mechanism for maintaining financial stability and enhancing inter-regulatory coordination, The Government of India had set up an apex-level Financial Stability and Development Council (FSDC), vide its notification dated 30th December, 2010.
2. The Chairman of the Council is the Finance Minister and its members include the heads of financial sector Regulators (RBI, SEBI, PFRDA, IRDA) Finance Secretary (Department of Economic Affairs), Secretary (Department of Financial Services), and Chief Economic Adviser.
3. The FSDC Secretariat is in the Department of Economic Affairs.