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The government is working to strengthen the high-level regulatory coordination panel FSDC so that it can act as a “war room” in times of global financial meltdown as witnessed in 2008, finance minister P Chidambaram said today.
“We are working to strengthen the data bases and technical capabilities of FSDC so as to make it a full grown systemic risk agency… If we face a situation back like 2008 again the FSDC will be war-room,” he said at an event here. The Financial Stability Development Council (FSDC), headed by finance minister, was set up in 2010 to coordinate the work of various financial sector regulators. He said the FSDC has improved the communication between all the regulators and plan is afoot to set up the financial data management centre.
Observing that India was one of the most affected markets following the collapse of Lehman Brothers in 2008, Chidambaram said there is a need to improve the mechanism to deal with systemic risks.
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