RBI sets up panel with banks, market players to review financial market issues

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, Axis Bank, ICICI Bank, 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