14.30        ndian    onom
     been asked to provide a link on their website to     and who is not a member of any statutory social
     enable individual subscribers to open online NPS     security scheme and is not an income tax payer.
     accounts.
           As per the Economic Survey 2012–13,            finAnciAl stAbility DeveloPment council (fsDc)
     the pension reforms in India have generated          An apex level body, the FSDC, was set up by the
     widespread interest internationally but before       GoI in December 2010. It was in line with the
     universal inclusion of poorer sections of Indian     G-20 initiative which came in wake of the financial
     society into the pension network is a reality,       crises among the western economies triggered by
     the economy needs to solve the following major       the 2007–08 ‘sub-prime’ crisis of the USA. The
     challenges :                                         Council has the following objectives:
           (i) Lower levels of financial literacy,             (i) To strengthen and institutionalise the
               particularly among workers in the                   mechanism for maintaining financial
               unorganised sector;                                 stability,
          (ii) Non-availability of even moderate surplus;     (ii) To enhance inter-regulatory coordination,
         (iii) Lukewarm response so far from most                  and
               of the state/UT governments to a co-          (iii) To promote financial-sector development.
               contributory Swavalamban Scheme; and            The council is chaired by the Finance Minister
         (iv) Lack of awareness, on the supply side,      and has heads of financial-sector regulatory
               about the NPS and of access points for     authorities, the Finance Secretary and/or Secretary
               people to open their accounts individually of the Department of Economic Affairs, Secretary
               have been major inhibiting factors.        of the Department of Financial Services, and the
           During 2015–16, the government launched        Chief Economic Adviser as members. Without
     a new pension scheme, the APY (Atal Pension          prejudice to the autonomy of regulators, the
     Yojana). The scheme provides a defined pension,      Council monitors—
     depending on the contribution and its period. The         (i) macro-prudential supervision of the
     subscribers to it will receive a minimum pension              economy, including functioning of large
     of Rs. 1,000, 2,000, 3,000, 4,000 or 5,000 per                financial conglomerates,
     month, from the age of 60 years, depending on            (ii) inter-regulatory      coordination       and
     their contributions, which are themselves based               financial-sector development issues, and
     on the age of joining the scheme.                       (iii) financial literacy and financial inclusion.
           The scheme is open to all bank account
     holders. The central government co-contributes       finAnciAl sector Assessment ProgrAmme (fsAP)
     50 per cent of the total contribution subject to     The IMF Board decided in September 2010, to
     a maximum of Rs. 1,000 per annum, to each            include 25 systemically important economies,
     eligible subscriber’s account, for a period of five  including India, under the Financial Stability
     years (from 2015–16 to 2019–20), who joined          Assessment Programme (FSAP) for members with
     the APY between 1 June 2015 and 31March 2016         systemically important financial sectors. The joint