RBI panel to benchmark India's household finance against global markets

KOLKATA: Reserve Bank of India has formed a panel to look at the various facets of household finance in India and to benchmark India’s position vis-à-vis both the peer countries and advanced economies.

The panel will be chaired by Tarun Ramadorai, Professor of Financial Economics, University of Oxford and will have representation from financial sector regulators such as RBI, Securities & Exchange Board of India, Insurance Regulatory & Development Authority of India ( IRDAI), Pension Fund Regulatory & Development Authority ( PFRDA).

Thew panel will look into benchmarking the current depth of household financial markets in India vis-a-vis those in other major world markets.

It will also identify areas of priority for growth and change and evaluate households' demands in Indian formal financial markets over the coming decade.

The panel will consider whether, how, and why the financial allocations of Indian households deviate from desirable financial allocation and behaviour.

RBI tells the panel to submit report by end July 2017.