A High Level Co-ordination Committee on Financial Markets (HLCCFM) was set up in 1992 with the Governor of the Reserve Bank as Chairman, and the Chiefs of the Securities and Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority (IRDA) and the Pension Fund Regulatory and Development Authority (PFRDA), and the Finance Secretary to Government of India as members.
However, post-crisis, the collegial approach to financial stability has been further strengthened by constituting the Financial Stability and Development Council (FSDC). In addition, various committees of the Reserve Bank’s Central Board monitor financial stability issues: the Board for Financial Supervision reviews the Reserve Bank’s supervisory and regulatory initiatives and the Board for Payment and Settlement Systems oversees the overall functioning of the payment system.