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Committees of RBI

Reserve Bank of India (RBI) forms committees to deliberate on various matters. A list of such committees is given below.

Committee Chairperson
Internal Working Group to Review the Liquidity Management Framework Dr. Poonam Gupta
Working Group on ‘Comprehensive review of trading and settlement timings of markets regulated by the Reserve Bank’ Shri Radha Shyam Ratho, Executive Director, RBI
Standing External Advisory Committee (SEAC) for evaluating applications for Universal Banks as well as Small Finance Banks

Tenure of SEAC will be for 3 years.

Previous SEAC was constituted under the chairmanship of Smt. Shyamala Gopinath, former Deputy Governor, RBI on March 22, 2021 		Shri M K Jain, former Deputy Governor, RBI
Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) in the Financial Sector Dr. Pushpak Bhattacharyya, Professor, Department of Computer Science and Engineering, IIT Bombay
Expert Committee on Benchmarking of its Statistics Dr. Michael Debabrata Patra, Deputy Governor, RBI
Committee on MIBOR Benchmark Shri R. Subramanian
Committee for Review of Customer Service Standards in RBI Regulated Entities (REs) Shri B P Kanungo, former Deputy Governor, RBI
Inter-Regulatory Technical Group on FinTech (IRTG on FinTech) constituted under the aegis of Sub-Committee of the Financial Stability and Development Council (FSDC-SC)

Recommendation –
Standard Operating Procedure (SOP) for Inter-operable Regulatory Sandbox (IoRS) to facilitate testing of innovative products / services falling within the regulatory ambit of more than one financial sector regulators viz. RBI, SEBI, IRDAI, IFSCA and PFRDA. 		Chief General Manager, FinTech Department, RBI
Inter-Departmental Group (IDG) on Internationalisation of INR Radha Shyam Ratho
Internal high-level committee on CBDC Shri Ajay Kumar Choudhary, Executive Director, RBI
Working Group (WG) on digital lending including lending through online platforms and mobile apps Shri Jayant Kumar Dash, Executive Director, RBI
Committee to undertake a comprehensive review of the legal and regulatory framework applicable to Asset Reconstruction Companies (ARCs) Shri Sudarshan Sen, former Executive Director, RBI
Expert Committee on Primary (Urban) Co-operative Banks Shri N. S. Vishwanathan, former Deputy Governor, RBI
Advisory committee to review of Ways and Means Advances (WMA) limits for State Govt / UTs Shri Sudhir Shrivastava
Internal working group to review extant ownership guidelines and corporate structure for Indian private sector banks

Recommendation –
The Group made 33 recommendations. RBI had accepted 21 recommendations (some with partial modifications). Remaining 12 recommendations are under examination. 		Dr. Prasanna Kumar Mohanty
Expert Committee on Resolution Framework for Covid19-related Stress

Recommendation –
5 key financial ratios / parameters and respective thresholds for 26 sectors. 		Shri K.V. Kamath
Committee for Analysis of QR (Quick Response) Code Prof. D.B. Phatak (Professor Emeritus, IIT-Bombay)
Working group to review regulatory and supervisory framework for Core Investment Companies Shri Tapan Ray
Committee to review entire gamut of Automated Teller Machine (ATM) charges and fees with particular focus on interchange structure for ATM transactions

Recommendation –
Increase in interchange fee per transaction from ₹15 to ₹17 for financial transactions and from ₹5 to ₹6 for non-financial transactions in all centres w.e.f. August 01, 2021.
Beyond free transactions, ceiling / cap on customer charges increased from is ₹20 to ₹21 per transaction w.e.f. January 01, 2022. 		V G Kannan, the then-CEO of the Indian Banks Association (IBA)
Internal working group on review of Agricultural credit

Recommendation –
New guidelines on priority sector lending 		M. K. Jain
Task Force on the Development of Secondary Market for Corporate Loans T N Manoharan
Expert Committee to review the extant Economic Capital Framework of RBI

Recommendation –
Contingent Risk Buffer (CRB) to be maintained within a range of 6.5% to 5.5% of RBI’s balance sheet, comprising 5.5% to 4.5% for monetary and financial stability risks and 1.0% for credit and operational risks. 		Dr. Bimal Jalan
Task Force on Offshore Rupee Markets Smt. Usha Thorat
Expert Committee on Micro, Small and Medium Enterprises

Recommendation –
New guidelines on priority sector lending 		U. K. Sinha
Committee on Deepening of Digital Payments Shri Nandan Nilekani, former Chairman, UIDAI
High Level Task Force on Public Credit Registry for India Y. M. Deosthalee
Internal Study Group (ISG) to examine various aspects of marginal cost of funds-based lending rate (MCLR) system

Recommendation –
External benchmark-based lending by banks for floating rate loans –
1. Personal loans / retail loans (housing, auto, etc.)
2. Micro and small enterprises
3. Medium enterprises

External benchmarks –
1. Policy repo rate
2. 3-month T-bill rate or 6-month T-bill rate
3. Benchmark market interest rate produced by Financial Benchmarks India Pvt. Ltd. (FBIL)

Banks advised to reset interest rates under external benchmark system at least once in 3 months. 		Shri Janak Raj
Committee on Currency Movement (CCM)

Recommendation –
Switch to lockable cassettes in ATMs 		Shri D.K. Mohanty, ED
Expert Committee to Revise and Strengthen Monetary Policy Framework

Recommendation –
Adoption of flexible inflation targeting framework for monetary policy.
Introduction of Standing Deposit Facility (SDF). 		Dr. Urjit Patel
Committee to study the Feasibility of Implementation of GIRO based Payment Systems

Recommendation –
Bharat Bill Payment System (BBPS) 		Shri G. Padmanabhan, ED, RBI


References

Reserve Bank of India. (n.d.). 'Reports'. Retrieved from https://www.rbi.org.in/Scripts/BS_ViewPublicationReport.aspx


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