CURRENT AFFAIRS

Detailed explanation-1: -The Reserve Bank of India (RBI) has constituted a new 5-member expert Committee under the chairmanship of Y H Malegam, a former member of the Central Board of Directors of RBI, to look into the reasons for wide divergence by banks in asset classification and provisioning by banks and measures to prevent frauds.

Detailed explanation-2: -Y. H. Malegam Committee is an expert committee constituted by the Reserve Bank of India in February 2018 to look into rising incidents of frauds, the effectiveness of audits, and classification of bad loans. Y.H. Malegam would be heading the committee who is the former member of Central Board of Directors of RBI.

Detailed explanation-3: -The Reserve Bank of India (RBI) committee led by Bimal Jalan (former RBI governor) constituted for considering guidelines for transfer of central bank’s surplus funds to government delayed submitting its report after lack of consensus among its members.

Detailed explanation-4: -In the wake of the Andhra Pradesh micro finance crisis in 2010, a Sub-Committee of the Central Board of the Reserve Bank (Chairman: Shri Y. H. Malegam) was constituted to study issues and concerns in the MFI sector.

Detailed explanation-5: -The correct answer is Y H Malegam. The Board of Directors of RBI constituted a Sub-Committee to study the issues and concerns on the microfinance sector. This SubCommittee of the Board was formed on October 15, 2010, under the chairmanship of Mr Y.H. Malegam.