Finance Minister Pranab Mukherjee today said the the government would soon come out with a paper on the proposed Financial Stability and Development Council (FSDC)--the new high-powered body to oversee the financial sector.
"FSDC is not a super regulator as sometimes it is being described as...We shall put a paper in the public domain on the subject (FSDC)," Mukherjee said while addressing the platinum jubilee celebrations of the Reserve Bank of India.
Mukherjee in his Budget speech proposed to set up the FSDIC to address inter-regulatory issues and focus on financial literacy and financial inclusion. The government is yet to finalise on the structure of the Council.
"It (FSDC) will achieve its mandate without undermining the autonomy of the regulators. FSDC will be doing only what is not currently being done in the existing set up," he said, adding it would help in addressing stability issues in a holistic manner.