RBI to set up panel to study status of household finance
Posted on:04 Aug 2016 18:34:44
04 August 2016 Current Affairs GK: The Reserve Bank of India (RBI) has formed a committee to study the state of household finance in India to evaluate future demand for financial products.
In a statement on its website on Thursday, RBI said the committee will be chaired by Tarun Ramadorai, a professor of financial economics from the University of Oxford, and will have representation from financial sector regulators, namely the Securities and Exchange Board of India (Sebi), Insurance Regulatory and Development Authority of India (IRDAI) and Pension Fund Regulatory and Development Authority (PFRDA), apart from RBI.
The committee will analyse household financial markets in India with other major world markets to identify areas of priority for growth and change. It will evaluate Indian household demand in formal financial market over the coming decade. It will also understand that how and why the financial allocation of Indian households deviate from desirable financial allocation and behaviour.
The committee will also work on designing new systems and redesign of existing systems of incentives and regulations to encourage and enable better participation by Indian households in the formal financial markets.
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