An internal technical advisory committee of the RBI met on Tuesday to take stock of recent developments in the money, bond and forex markets and discuss implementation of various measures listed by the RBI in the monetary policy earlier this month.
In a release, the RBI said the committee will meet regularly to discuss specific points of reference with regards to market functionality and regulation. The committee would review and recommend measures for deepening and widening the money, foreign exchange and government securities markets, including those relating to participants, products, institutional and infrastructural arrangements.
The committee will suggest measures to develop and promote liquidity in the market instruments and advice on linkages between money, forex, bond and capital markets, the release said. The committee would also review the infrastructure, legal and institutional arrangements for trading, transfer and settlement in the money, forex and bond markets in the context of the emerging payments system.
The commitee is chaired by deputy governor HR Khan and will have 17 external members. All deputy governors and executive directors handling key departments directly related to markets will be permanent members.
Among external members were KL Prasad, economic adviser of ministry of finance, Rajeev Kumar Agarwal, wholetime Sebi member, representatives from banking, insurance and capital markets such as Axis Bank MD & CEO Shikha Sharma, CEO of Ctibank India Pramit Jhaveri, DMD of SBI P Gupta and Life Insurance Corporation MD SB Mainak.