Committee on financial sector reforms set up by Plan Panel

New Delhi, Aug 17 (UNI) 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 sector.

The Committeee will indicate especially the priorities and sequencing decisions which the Government must keep in mind.

Mr Raghuram G Rajan will be the Chairman of the 12-Member Committee.

The Committee will identify the emerging challenges in meeting the financing needs of the Indian economy in the coming decade and identify real sector reforms that would enable the growth of the financial sector.

It 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, while ensuring that risks are contained.

The terms of reference also include identifying the 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.

The Committee will submit report by March 31, 2008.

Other members 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, CEO of ICICI Bank, Chitra Ramakrishna, Deputy MD NSE, R Ravimohan of CRISIL, J R Varma of Indian Institute of Management Ahmedabad.

Mr R Sridharan, Adviser (FR), Planning Commission will be the Convener of the Committee.

UNI