However the oversight of systemic risk in normal times is with a Sub Committee of the FSDC (which replaced the HLCCFM) chaired by the Governor, Reserve Bank of India and having, as members, heads of other regulatory agencies as well as all the Deputy Governors of Reserve Bank of India and the Finance Secretary.
In July 2008, the Reserve Bank set up a Financial Stability Unit (FSU) with a mandate to, inter alia, conduct effective macro-prudential surveillance of the financial system on an ongoing basis to enable early detection of any incipient signs of instability.