The Hindu Business Line : Committee on financial sector reforms set up

New Delhi, Aug. 17 A high-level committee under the chairmanship of former chief economist of the International Monetary Fund (IMF), Prof. Raghuram G. Rajan, to map out a comprehensive agenda for reform of the country’s financial sector has been set by the Planning Commission today.

The 12-member committee’s remit include, among others, to identify the emerging challenges in meeting the financing needs of the Indian economy in the coming decade and the real sector reforms that would permit those needs to be more easily met by the financial sector.

It would also examine the performance of various segments of the financial sector and identify changes that would meet the needs of the real sector, identify changes in the regulatory and the supervisory infrastructures that could better allow the financial sector to play its role while ensuring that risks are contained.

The terms of reference also covers identifying changes in other areas of the economy including the conduct of monetary and fiscal policy and the operation of the legal system and the educational system that would help the financial sector function more effectively.

The committee would submit its report by end-March 2008. Other members of the panel include the Director General of the NCAER, Dr. Suman Berry, Mr. Uday Kotak of Kotak Mahindra Bank, Mr Rajeev Lall of IDFC, Mr Vijay Mahajan, Chairman Basix, Mr Zia Modi, Senior Partner, AZB Partners, Mr. O.P.Bhatt, State Bank of India, Mr K.V.Kamath ICICI Bank, Ms Chitra Ramakrishna, Deputy MD, National Stock Exchange, Mr R. Ravimohan, Crisil, Mr J.R.Varma, Indian Institute of Management, Ahmadabad and Mr R.Sridharan, Adviser (Financial Resources), Planning Commission would be the convenor of the committee, an official release said.

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