The Reserve Bank of India (RBI) has set up a committee to look at the various facets of household finance in India and to benchmark India’s position vis-à-vis both the peer countries and advanced countries. The Committee will be chaired by Dr. Tarun Ramadorai, Professor of Financial Economics, University of Oxford and will have representation from financial sector regulators, namely, SEBI, Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA) apart from Reserve Bank of India (RBI).
The demand for formal financial market investment product like pension as well as liability product like the home loan from the Indian household was discussed during the meeting of the Sub-Committee of Financial Stability and Development Council (FSDC-SC) held on April 26, 2016. It was decided that a committee should be set up to look at various facets of household finance in India and submit a report. The Committee is expected to submit its report by end-July 2017.
So let’s discuss some questions related to this post:
1. Which organization has constituted a committee on Household Finance?
2. Name the person who is going to head the committee on Household Finance?