MUMBAI, Nov 4 (Reuters) – India’s central bank has formed a technical consultative committee to engage with market participants on policy and operational issues amid rapidly evolving financial markets and infrastructure.
The committee, chaired by the deputy governor in charge of financial markets regulation, will serve as a forum for discussions on money markets, government securities, foreign exchange markets, related derivatives and market infrastructure, the central bank said in a statement on Wednesday.
Here are some details:
– The committee includes seven external members, including representatives from State Bank of India (SBI.NS),, Axis Bank (AXBK.NS), ICICI Bank (ICBK.NS), Citibank India, Clearing Corporation of India and Morgan Stanley India
– Ananth Narayan, a former senior policymaker at India’s markets regulator, is also one of the external members
– The committee will look at issues related to the functioning, efficiency, liquidity and resilience of the money, government securities, foreign exchange and related derivative markets
– It will examine international and domestic developments, financial innovations, and emerging risks that may affect Indian markets
– Issues relating to trading, clearing, settlement, reporting and other market infrastructure, including the associated regulatory and operational framework, will also be examined
– The committee was announced by the Reserve Bank of India at its monetary policy review in October
– Meetings of the committee will be convened at least once a quarter
Reporting by Jaspreet Kalra; Editing by Mrigank Dhaniwala
