CURRENT AFFAIRS

Detailed explanation-1: -Bimal Jalan Committee on Economic capital framework: Bimal Jalan Panel: The Reserve Bank of India (RBI), in consultation with the government, had set up a six-member committee headed by the former RBI Governor Bimal Jalan to review the economic capital framework of the Reserve Bank of India.

Detailed explanation-2: -The Committee on Financial Inclusion (Chairman: Dr. C. Rangarajan, RBI, 2008) explicitly included ‘timely and adequate credit at an affordable cost’ for vulnerable groups in the definition of the financial inclusion.

Detailed explanation-3: -The Markets Committee is a forum in which central bank officials discuss current market conditions, market functioning and central bank operations. Comprising senior officials from 27 central banks, it is chaired by John C. Williams, president and chief executive officer of the Federal Reserve Bank of New York.

Detailed explanation-4: -2. The Committee on Financial Sector Assessment (CFSA), co-chaired by Deputy Governor, RBI and Finance Secretary, Government of India had done a self-assessment in 2009. The results are in the public domain (RBI website).