The Reserve Bank of India constituted a Technical Consultative Committee for Financial Markets on November 4, creating a regular forum for discussions with banks and other market participants.
According to the RBI’s announcement, the panel will be chaired by the deputy governor responsible for financial-markets regulation. It has seven external members, including representatives from State Bank of India, Axis Bank, ICICI Bank, Citibank India, Clearing Corporation of India and Morgan Stanley India, alongside former SEBI whole-time member Ananth Narayan.
The committee will examine money, government-securities and foreign-exchange markets, related derivatives and the systems used for trading, clearing, settlement and reporting. Its remit includes market liquidity, resilience, emerging risks and unintended difficulties arising from the implementation of RBI measures.
Meetings will take place at least once a quarter. The constitution follows an intention announced in the RBI’s October 7 policy statement. It establishes an advisory forum rather than announcing a new interest-rate decision or trading rule.
Archive photograph of a Reserve Bank of India office entrance, taken on 17 March 2007; not the committee announcement. Photo: “Reserve bank of India Headquarters” (creator’s title), by Soham Banerjee / Flickr, CC BY 2.0. JPEG re-encoded; no crop or content changes.
