Finance Minister Arun Jaitley on Monday held a meeting with leading economists and experts to discuss the future of the Financial Stability and Development Council (FSDC).
One of the points discussed was whether the FSDC requires statutory backing and what its mandate should be.
“The majority view was that the status quo on the FSDC should continue and there is no need for providing it with legal backing. It should continue as it is,” said a source.
Senior Finance Ministry officials, including Chief Economic Advisor Arvind Subramanian, Economic Affairs Secretary Shaktikanta Das, as well as half a dozen leading economists, including former RBI Governor Bimal Jalan, attended the meeting.