The Reserve Bank of India announced on Wednesday that it has established a technical advisory committee to engage with market participants on policy and operational matters, given that financial markets and their infrastructure are undergoing rapid evolution.
In a statement, the central bank said the committee, chaired by the deputy governor in charge of financial market regulation, will serve as a discussion platform covering topics including money markets, government securities, foreign exchange markets, related derivatives, and market infrastructure.
The committee comprises seven external members, including representatives from State Bank of India, Axis Bank, ICICI Bank, Citibank India, the Clearing Corporation of India, and Morgan Stanley India. Ananth Narayan, a former senior decision-making official at India's market regulator, is also among the external members of the committee.
The committee will examine issues related to the functioning, efficiency, liquidity, and resilience of the money market, government securities market, foreign exchange market, and related derivatives markets. Matters concerning trading, clearing, settlement, reporting, and other market infrastructure—including the accompanying regulatory and operational frameworks—will also fall within its scope of deliberation.
The central bank announced the formation of this committee at its October monetary policy review meeting. The committee will convene at least once every quarter.
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