Correct Option
The correct option is 2 and 3 only
Explanation
The Financial Stability and Development Council (FSDC) is a non-statutory apex-level body constituted by the Government of India in 2010 to strengthen and institutionalize the mechanism for maintaining financial stability, enhancing inter-regulatory coordination, and promoting financial sector development.
- Statement 1 is Incorrect: The Financial Stability and Development Council is not an organ of NITI Aayog. It was established by the Ministry of Finance (Department of Economic Affairs) following the recommendations of the Raghuram Rajan Committee (2008). It functions under the administrative domain of the Ministry of Finance.
- Statement 2 is Correct: The Council is chaired by the Union Finance Minister of India. Its members include the heads of financial sector regulators (RBI, SEBI, PFRDA, IRDAI), the Finance Secretary, the Secretary of the Department of Economic Affairs, the Secretary of the Department of Financial Services, and the Chief Economic Adviser.
- Statement 3 is Correct: One of the primary mandates of the FSDC is to monitor macroprudential supervision of the economy. This involves assessing the functioning of large financial conglomerates and addressing systemic risks that could threaten the stability of the entire financial system.
Key Takeaway: The FSDC is a high-level body under the Ministry of Finance, chaired by the Finance Minister, designed to ensure inter-regulatory coordination and macroprudential stability of the financial system.