UPSC Civil Services Model Paper 1

Financial Stability and Development Council (FSDC):
● Constituted in December 2010.
● It is a Non-statutory body. So, statement 1 is NOT correct.
It replaced the High-Level Coordination Committee on Financial Markets (HLCCFM). So, statement 2 is correct.
● Chairman : Union Finance Minister.
So, statement 3 is NOT correct.
● Members:
◦ Governor, Reserve Bank of India.
◦ Finance Secretary and/or Secretary, Department of Economic Affairs.
◦ Secretary, Department of Financial Services.
◦ Chief Economic Adviser, Ministry of Finance.
◦ Chairman, SEBI, PFRDA & IRDA.
◦ Recently, the Secretary, Ministry of Electronics and Information Technology (MeitY) is also included in the FSDC.