The planning commission has set up a high-level committee
on financial sector reforms with a view to outlining a
comprehensive agenda for the evolution of the financial
12-member committee headed by Raghuram G. Rajan will suggest
priorities and sequencing decisions, which the government
must keep in mind.
committee will identify the emerging challenges in meeting
the financing needs of the Indian economy in the coming
decade and to identify real sector reforms that would
allow those needs to be more easily met by the financial
will also examine the performance of various segments
of the financial sector and identify changes that will
allow it to meet the needs of the real sector, identify
changes in the regulatory and the supervisory infrastructures
that can better allow the financial sector to play its
role, which ensuring that risks are contained.
terms of reference also include identify 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 could help the financial
sector function more effectively.
committee will submit report by 31 March 2008.
of the committee include: Suman Berry, director general
NCAER, Uday Kotak of Kotak Mahindra Bank, Rajeev Lall
of IDFC, Vijay Mahajan, chairman, Basix, Zia Modi senior
partner, AZB Partners, O P Bhatt, chairman, State Bank
of India, K V Kamath, ICICI Bank, Chitra Ramakrishna,
deputy MD, NSE, R Ravimohan, CRISIL, J R Varma, of Indian
Institute of Management Ahmadabad, and R. Sridharan, adviser
(FR), Planning Commission will be the convener of the