CURRENT AFFAIRS

Detailed explanation-1: -The committee set up by the RBI has five members with Shyamala Gopinathan, former deputy governor, RBI as the chairperson.

Detailed explanation-2: -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.

Detailed explanation-3: -“The Standing External Advisory Committee (SEAC) comprising eminent persons with experience in banking, financial sector and other relevant areas, will evaluate the applications thereafter.

Detailed explanation-4: -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-5: -In recognition of the key role played by financial benchmarks in the financial system, a Committee on Financial Benchmarks (Chairman: Shri P Vijay Bhaskar, ED, RBI) was constituted in June 2013 by the Reserve Bank of India with a mandate to study the various issues relating to financial benchmarks in India.