3. [August 17, 2009](RBI_Press%20Release_20090813_RBI%20constitutes%20a%20new%20Financial%20Stability%20Unit.pdf) - RBI announced the set up of an operationally independent [^1] inter-disciplinary Financial Stability Unit (new department) to monitor and address systemic vulnerabilities, given the experience of the financial crisis of 2007-09 which stressed the importance of financial stability. The unit had became functional with effect from July 17, 2009. 4. The main functions of the FSU included: 1. conduct of macro-prudential surveillance of the financial system on an ongoing basis, 2. preparation of financial stability reports, 3. development of a data base on key variables, which could impact financial stability in co-ordination with the supervisory wing of the Bank, 4. development of a time series of a core set of financial indicators, 5. conduct of systemic stress tests to assess resilience and 6. development of models for assessing financial stability in due course. In short, the remit of FSU includes conduct of macroprudential surveillance of the financial system on an ongoing basis. 5. The FSU also acts as the Secretariat to the Bank’s representative in the Financial Stability Board, _set up at the Bank for International Settlements in Basel, Switzerland 6. March 2010 - The first Financial Stability Report (FSR) was released in March 2010 1. While the FSR was to be published twice a year, more frequent assessments will be reported to the top management of the Bank. 2. These reports are published by Reserve Bank of India, after approved by FSDC SubCommittee since its inception, taking inputs from financial sector regulators i.e. RBI, SEBI, PFRDA, IRDAI including Ministry of Finance 7. Aug 17, 2007 - The planning commission constituted a High Level Committee on Financial Sector Reforms, chaired by Raghuram G. Rajan 8. [Sept, 2008](RBI_Report-Committee_20080912_Committee%20on%20Financial%20Sector%20Reforms_2008_A%20Hundred%20Small%20Steps_Chairman-Raghuram%20Rajan.pdf) - Committee on Financial Sector Reforms, also known as Rajan Committee, submitted its report titled *A Hundred Small Steps*. 9. Dec 30, 2010 - The Financial Stability and Development Council (FSDC) and its sub-committee were constituted, based upon the suggestions of [Rajan Committee on Financial Sector Reforms (September 12, 2008)-A Hundred Small Steps](RBI_Report:Committee_20080912_Committee%20on%20Financial%20Sector%20Reforms_2008_A%20Hundred%20Small%20Steps_Chairman-Raghuram%20Rajan.pdf). 1. This sub-committee of the FSDC called the FSDC-SC was formed to assist the FSDC, which replaced the previous High Level Coordination Committee on Financial Markets. 1. A High Level Committee on Capital Markets (also known as High-Level Coordination Committee on Financial Markets-HLCCFM), established in 1995, which was presided over by the Governor of RBI in which the Finance Secretary/Secretary Economic Affairs, Chairman SEBI, and Chairman IRDA were associated as members. 2. The sub-committee assists the FSDC in dealing with issues related to (i) financial stability, (ii) financial sector development, (iii) inter-regulatory co-ordination, (iv) financial literacy, (v) financial inclusion, (vi) macro-prudential supervision of the economy etc. Financial Stability Department (FSD) of RBI serves as the Secretariat for the Sub-Committee and handles the responsibilities relating to convening meetings of the FSDC-SC. 3. Following the formation of the Financial Stability and Development Council (FSDC), the Executive Director, RBI (in charge of Financial Stability Unit) acts as Member Secretary of the FSDC and the Financial Stability Unit (FSU) of RBI is the Secretariat for the Sub-committee of this council, also called FSDC-SC. 4. So the Governor of the RBI is the head/chairman of FSDC-SC, and the Executive Director, RBI (in charge of Financial Stability department) is the Member Secretary. 5. The Council is chaired by the Union Finance Minister 6. Since June 2025, FSDC has had 29 meetings 10. August 2011 - [Box VI.2-Developments related to FSDC and its Sub-Committee](RBI_Annual%20Report_2011.pdf#page=116&selection=89,0,90,50) in RBI's Annual Report 2011. 11. Around June 2023 - So the [[Financial Stability-Issues and Challenges - By Duvvuri Subbarao, 2009#Financial Stability Unit in RBI|Financial Stability Unit in RBI]], now known as [Financial Stability Department](https://rbi.org.in/scripts/FS_Overview.aspx?fn=2768) , is part of the [FSDC](https://dea.gov.in/sites/default/files/StrucFSDC.pdf) .The unit was renamed around June-2023 > Why sharp and continuous fall in stock prices concern the central bank? Here one of the reasons for the above - [Box II.20-Wealth Effects of Corrections in Stock Prices in India](RBI_Annual%20Report_2009.pdf#page=135&selection=74,0,75,54) in RBI's Annual Report_2009 ## Data Releases 1. [Financial Stability Report](https://rbi.org.in/Scripts/FsReports.aspx) is released in June and December. It is on website->Publications->Half-Yearly. 1. Important Section - Annex - Important Regulatory Measures ## Related Notes 1. [About the RBI](About%20the%20RBI.md) 2. [Department of Supervision](Department%20of%20Supervision.md) 3. [Department of Regulation (DoR)](Department%20of%20Regulation%20(DoR).md) 4. [Financial Sector Assessment Program (FSAP)](Financial%20Sector%20Assessment%20Program%20(FSAP).md) ## References ### [[Speeches & Media Interactions|Speeches]] 1. T Rabi Sankar. Oct 07, 2025. ==Responsible Artificial Intelligence (AI) – Balancing Innovation with Financial Stability== - Keynote address delivered by T Rabi Sankar, Deputy Governor, Reserve Bank of India - October 07, 2025 - at the Global Fintech Festival, Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1524) 2. Shaktikanta Das. Nov 14, 2024. ==Sailing Through Turbulence: India’s Tryst with Financial Stability== - Keynote Address by Shri Shaktikanta Das, Governor, Reserve Bank of India - November 14, 2024 - CNBCTV18 Global Leadership Summit. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1479) 3. Swaminathan J. Oct 15, 2024. ==Central Banks and Financial Stability== - Address by Shri Swaminathan J, Deputy Governor, Reserve Bank of India - October 14, 2024 - at the RBI@90 High Level Conference on “Central banking at Cross Roads” in New Delhi. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1472) 4. Shaktikanta Das. Sep 13, 2024. ==Global Financial Stability; Risks and Opportunities== - Keynote Address by Shri Shaktikanta Das, Governor, Reserve Bank of India - September 13, 2024 - at the Future of Finance Forum 2024 organised by the Bretton Woods Committee, Singapore. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1464) 5. Swaminathan J. Sep 02, 2024. ==Transforming Financial Landscapes: Building Resilience for Economic Stability== - Keynote Address by Shri Swaminathan J, Deputy Governor, Reserve Bank of India - August 30, 2024 - at the ‘Banking Transformation Summit - Season 2’ organised by CNBC TV 18 in Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1460) 6. Swaminathan J. Aug 14, 2024. ==Financial Stability in the Emerging Technology Landscape== - Speech by Shri Swaminathan J, Deputy Governor, Reserve Bank of India - August 14, 2024 - at the International Conference of the International Association of Deposit Insurers- Asia Pacific Regional Committee (IADI-APRC) hosted by the Deposit Insurance Credit Guarantee Corporation (DICGC) held in Jaipur. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1453) 7. Swaminathan J. Jan 17, 2024. ==Safeguarding Financial Stability: The Crucial Role of Assurance Functions== - Speech by Shri Swaminathan J, Deputy Governor, Reserve Bank of India - January 10, 2024 - at the Conference for Heads of Assurance Functions in Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1405) 8. Shaktikanta Das. Oct 20, 2023. ==Price and Financial Stability: Managing Complementarities and Trade-Offs== - Plenary Address by Shri Shaktikanta Das, Governor, Reserve Bank of India - October 20, 2023 - Delivered at the Kautilya Economic Conclave Organised by the Institute of Economic Growth and Ministry of Finance, Government of India, New Delhi. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1388) 9. Shaktikanta Das. Jan 27, 2023. ==Financial markets in India: In pursuit of stability and development== - Keynote Address by Shri Shaktikanta Das, Governor, Reserve Bank of India - January 27, 2023 - at the 22nd FIMMDA-PDAI Annual Conference, Dubai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1349) 10. Shaktikanta Das. Jul 11, 2020. ==Indian Economy at a Crossroad: A view from Financial Stability Angle== - Shri Shaktikanta Das, Governor, Reserve Bank of India - July 11, 2020 - at the 7th SBI Banking & Economics Conclave organised by the State Bank of India. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1097) 11. Shaktikanta Das. Aug 19, 2019. ==Emerging Challenges to Financial Stability== - Shri Shaktikanta Das, Governor, Reserve Bank of India - Monday, August 19, 2019 - at FIBAC 2019 – the Annual Global Banking Conference organised by IBA and FICCI, Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1082) 12. Viral V Acharya. Oct 12, 2018. ==Prompt Corrective Action: An Essential Element of Financial Stability Framework== - Viral V Acharya, Deputy Governor, Reserve Bank of India - October 12, 2018 - Remarks delivered at the Indian Institute of Technology, Bombay. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1065) 13. N.S.Vishwanathan. Jan 10, 2018. ==Regulation and Financial Stability== - Shri N.S.Vishwanathan, Deputy Governor, Reserve Bank of India - October 13, 2017 - at the Special Session of Merchant Chamber of Commerce and Industry, Kolkata. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1056) 14. S.S.Mundra. Sep 28, 2016. ==Financial Stability in a Weak Global Environment== - Shri S. S. Mundra, Deputy Governor - September 22, 2016 - at the 7th SEACEN High Level Seminar for Deputy Governors in–charge of Financial Stability and Supervision, Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1026) 15. R. Gandhi. Feb 05, 2016. ==Financial Stability – Issues and Concerns : Are We Barking up All Right Trees?== - Shri R. Gandhi, Deputy Governor - February 5, 2016 - at Great Lakes Institute of Management, Chennai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=988) 16. K. C. Chakrabarty. Apr 23, 2014. ==Framework for the conduct of macroprudential policy in India: experiences and perspectives== - An article by Dr. K. C. Chakrabarty, Deputy Governor, published in April 2014 issue of Financial Stability Review, Banque de France. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=890) 17. Deepak Mohanty. Jan 15, 2014. ==Global Liquidity and Financial Contagion== - Remarks by Shri Deepak Mohanty, Executive Director at the Conference on Capital Account Management and Macro-Prudential Regulation for Financial Stability and Growth organised by the Centre for Advanced Financial Research and Learning (CAFRAL) and Initiative for Policy Dialogue (iPD), New Delhi, January 14, 2014. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=868) 18. G Padmanabhan. Feb 27, 2013. ==Role of Financial Market Infrastructure in Financial System Stability & Implications for Central Bank== - presentation by Shri G Padmanabhan, Executive Director, Reserve Bank of India, at the 11th SEACEN-World Bank Advanced course on Payment and Settlement Systems, Kuala Lumpur, February 26, 2013. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=784) 19. Anand Sinha. Oct 22, 2012. ==Gauging the Potential of Emerging Markets – Can growth be achieved with Durable Financial Stability== - Opening remarks by Mr. Anand Sinha, Deputy Governor, Reserve Bank of India at the FT-Yes Bank International Banking Summit on ‘Stress or Stability? Realigning the Banking System’ at Mumbai on October 15, 2012. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=745) 20. Anand Sinha. September 6, 2012. ==Financial Stability: 2007 to 2012 - Five years on== - Special address by Mr. Anand Sinha, Deputy Governor, Reserve Bank of India at the FIBAC 2012 organised by FICCI and Indian Banks’ Association at Mumbai on September 6, 2012. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=730) 21. Deepak Mohanty. Jun 27, 2012. ==Price Stability and Financial Stability An Emerging Market Perspective== - Address by Shri Deepak Mohanty, Executive Director, Reserve Bank of India, in the 2012 Central Bank of Nigeria (CBN) Board Retreat, Cape Town, South Africa, June 27, 2012. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=697) 22. K. C. Chakrabarty. Apr 03, 2012. ==Systemic risk assessment – The cornerstone for the pursuit of financial stability== - Inaugural address by Dr. K. C. Chakrabarty, Deputy Governor at the International Seminar on “Operationalising Tools for Macro-financial surveillance: Country experiences “, organised by FSU, Reserve Bank of India, Mumbai, April 03, 2012. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=683) 23. Duvvuri Subbarao. February 1, 2012. ==Price Stability, Financial Stability and Sovereign Debt Sustainability Policy Challenges from the New Trilemma== - Inaugural speech by Dr. Duvvuri Subbarao, Governor, Reserve Bank of India, at the Second International Research Conference of the Reserve Bank of India at Mumbai on February 1, 2012. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=662) 24. Anand Sinha. Dec 26, 2011. ==Financial Reporting in the context of Financial Stability: A Regulator’s view on Some Accounting Issues== - Address by Shri Anand Sinha, Deputy Governor, Reserve Bank of India, at the event organized by Muscat Chapter of ICAI at Muscat on Dec 21, 2011. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=646) 25. Jaime Caruana. Nov 15, 2011. Presentation by Jaime Caruana - General Manager, Bank for International Settlements at the First CAFRAL-BIS International Conference on Financial Sector Regulation for Growth, Equity and Stability in the Post Crisis World. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=629) 26. Duvvuri Subbarao. Nov 15, 2011. ==Financial Regulation for Growth, Equity and Stability in the Post-Crisis World== - Inaugural address by Dr. Duvvuri Subbarao, Governor, Reserve Bank of India at the First CAFRAL-BIS international conference on ‘Financial Sector Regulation for Growth, Equity and Stability in the Post Crisis World’ , Mumbai, November 15, 2011. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=626) 27. Jaime Caruana. Nov 15, 2011. ==Financial Sector Regulation for Growth, Equity and Stability in the Post Crisis World== - Speech by Jaime Caruana - General Manager, Bank for International Settlements at the First CAFRAL-BIS International Conference on Financial Sector Regulation for Growth, Equity and Stability in the Post Crisis World. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=628) 28. H R Khan. Nov 14, 2011. ==Financial Inclusion and Financial Stability : Are they two sides of the same coin?== - Address by Shri H R Khan, Deputy Governor, Reserve Bank of India at BANCON 2011, Chennai on November 4, 2011 organized by Indian Bankers Association and Indian Overseas Bank. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=623) 29. Y.V. Reddy. Jun 10, 2011. ==Financial Stability: Some Issues== - Speech by Dr. Y.V. Reddy, Former Governor, Reserve Bank of India and Guest Speaker at the SAARCFINANCE Governors' Symposium 2011. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=574) 30. Shyamala Gopinath. Jun 10, 2011. =='Financial Stability : The Indian Experience'== presentation by Smt. Shyamala Gopinath, Deputy Governor, RBI at the SAARCFINANCE Governors' Symposium, Kumarakom, Kerala on June 10, 2011. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=578) 31. Duvvuri Subbarao. Jun 10, 2011. Financial Stability Mandate of Central Banks Issues in the International and Indian Context - Keynote address by Dr. Duvvuri Subbarao, Governor, Reserve Bank of India, at the SAARCFINANCE Governors’ Symposium at Kumarakom, Kerala on June 10, 2011. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=571) 32. Subir Gokarn. Jun 10, 2011. Welcome remarks by Dr. Subir Gokarn, Deputy Governor, Reserve Bank of India at SAARCFINANCE Governors’ Symposium on ‘Financial Stability’. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=572) 33. Subir Gokarn. Nov 01, 2010. G-20 After the Crisis: An Indian Perspective - Keynote Address by Dr. Subir Gokarn, DG, RBI at ICRIER/InWEnt/DIE Conference "Policies for Growth and Financial Stability Beyond the Crisis – The Scope for Global Cooperation" at Mumbai on Oct 27, 2010. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=534) 34. Duvvuri Subbarao. October 27, 2010. Frontier Issues on the Global Agenda Need for Global Cooperation - Inaugural Address by Dr. Duvvuri Subbarao, Governor, Reserve Bank of India at the ICRIER/ InWent/DIE Conference on “Policies for Growth and Financial Stability Beyond the Crisis - The Scope for Global Cooperation” in Mumbai on October 27, 2010. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=533) 35. Shyamala Gopinath. Sep 15, 2010. Macro-prudential Approach to Regulation - Scope and Issues- Shyamala Gopinath, DG, RBI - Paper presented at the ADBI-BNM Conference on “Macroeconomic and Financial Stability in Asian Emerging Markets”, Kuala Lumpur, on Aug. 4, 2010. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=524) 36. Shyamala Gopinath. Jul 28, 2010. Over-the-counter derivative markets in India issues and perspectives - Article by Smt Shyamala Gopinath, Deputy Governor, RBI, Published in July 2010 Issue of Financial Stability Review, Banque de France. - Reproduced with permission from Financial Stability Review, July 2010 published by Banque de France. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=514) 37. Duvvuri Subbarao. Sep 10, 2009. Financial Stability: Issues and Challenges - Valedictory address by Dr. Duvvuri Subbarao, Governor, Reserve Bank of India at the FICCI-IBA Annual Conference on ‘Global Banking: Paradigm Shift’ organised jointly by FICCI and IBA on September 10, 2009 in Mumbai.. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=438) 38. Rakesh Mohan. Jun 10, 2009. Emerging Contours of Financial Regulation : Challenges and Dynamics - Paper by Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India for the Financial Stability Review of Bank of France. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=423) 39. Y.V. Reddy. Mar 07, 2008. Financial Globalisation, Growth and Stability: An Indian Perspective - Remarks of Dr. Y.V. Reddy, Governor, Reserve Bank of India at the International Symposium of the Banque de France on Globalisation, Inflation and Monetary Policy, held in Paris on March 7, 2008. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=382) 40. Rakesh Mohan. Nov 21, 2006. ==**Central Banks and Risk Management: Pursuing Financial Stability**== - Address of Dr Rakesh Mohan, Deputy Governor, Reserve Bank of India, at the 4th Annual Conference on Cash, Treasury and Risk Management in India on November 21, 2006 at New Delhi. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=316) 41. Y. V. Reddy. Mar 10, 2006. Financial Sector Reform and Financial Stability - by Dr. Y. V. Reddy, Governor, Reserve Bank of India at the 8th Global Conference of Actuaries held in Mumbai on March 10, 2006. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=270) 42. Kishori Udeshi. Aug 26, 2005. Financial System Stability and Basel II -Way Forward - Address by Smt. Kishori Udeshi, Deputy Governor, Reserve Bank of India, at the 17th Annual Convention of the Association of Professional Bankers – Sri Lanka, in Colombo on August 26, 2005. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=208) 43. K. J. Udeshi. Feb 10, 2005. The pursuit of financial stability - Smt. K. J. Udeshi, Deputy Governor, Reserve Bank of India ,at the 7th Money and Finance Conference organized by Indira Gandhi Institute of Development Research (IGIDR) on February 10, 2005. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=183) 44. Y. V. Reddy. Jun 27, 2004. Financial Stability : Indian Experience - Dr. Y. V. Reddy, Governor, Reserve Bank of India, at the Zurich University, Zurich, Switzerland on June 27, 2004. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=159) 45. S.P.Talwar. Jan 16, 2001. Financial Stability and the Role of Banks - Shri. S.P.Talwar, at Bank Economists’ Conference, New Delhi, 16 January, 2001. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=70) ### [[Publications (Data Releases) & Research#Research|Research]] [[Working Paper Series (WPS)|Working Paper Series (RBI)]] 1. RBI. Feb 28, 2012. RBI WPS (DEPR) : 02/2012: Gold Prices and Financial Stability in India. [Link](https://rbi.org.in/scripts/PublicationsView.aspx?Id=14015) 2. RBI. Jan 18, 2013. RBI WPS (DEPR): 01/2013: Banking Stability - A Precursor to Financial Stability. Authors-Rabi N. Mishra, S. Majumdar and Dimple Bhandia. ### [[Publications (Data Releases) & Research#Publications|Publications]] 1. RBI. Chapter on financial stability in Report on Trend and Progress of Banking in India (annual report), 2003-04. [Link](https://www.rbi.org.in/upload/Publications/PDFs/58851.pdf) 2. RBI. October 2009. Annex VII.2-Commonly used Variables in Financial Stability Analysis-Trend and Progress of Banking in India (annual report), 2008-09. [Link](https://rbi.org.in/scripts/PublicationsView.aspx?Id=11870) 3. RBI. Trend and Progress of Banking in India (annual reports)