BANKING AFFAIRS

Detailed explanation-1: -The Reserve Bank of India on Wednesday announced the names of the members of the External Advisory Committee (EAC) for small finance banks as well as payments banks. 1. Chairperson: Usha Thorat, former Deputy Governor, Reserve Bank of India.

Detailed explanation-2: -The Usha Thorat Committee is an advisory committee formed on July 10, 2020. The namesake for this Committee is Usha Thorat. She had served as the former deputy governor of RBI (Reserve Bank of India). The primary purpose of this Committee is to advise a capital market regulator.

Detailed explanation-3: -Nachiket Mor and on Small Finance Banks chaired by Smt. Usha Thorat. Now an internal committee of the Reserve Bank, composed of its Deputy Governors and the Governor, is going through each of these applications again.

Detailed explanation-4: -The Nachiket Mor committee was headed by Nachiket Mor. This committee was formed by former Reserve Bank of India Governor Raghuram Rajan in 2013. This committee is also known as the Committee on Comprehensive Financial Services for Small Businesses and Low Income Households.

Detailed explanation-5: -In News: The Reserve Bank of India (RBI) has set up a five-member committee, headed by former RBI Deputy Governor Shyamala Gopinath, for evaluating applications for universal banks and small finance banks.