With reference to different Committees in India, consider the following details:
- Sl. No.
- Committee
- Objective
- Organization under which it was formed
- 1.
- R. N. Malhotra Committee
- Comprehensive reforms of Insurance sector in India
- Insurance Regulatory and Development Authority of India
- 2.
- L. C. Gupta Committee
- Preparing a roadmap for the introduction of derivatives trading in India
- Securities and Exchange Board of India
- 3.
- Urjit R. Patel Committee
- Preparing a roadmap for reforming bank lending to the Housing sector
- Reserve Bank of India
- 4.
- Y. H. Malegam Committee
- Preparing a roadmap for reforms in Microfinance sector in India
- Reserve Bank of India
- In which of the above rows are all the details correctly matched?
Correct answer: D
Explanation
Only rows 2 and 4 have all three details right. Row 1 is wrong: the Committee on Reforms in the Insurance Sector under R.N. Malhotra was set up in 1993, while the regulator came later, through the IRDA Act, 1999, with the Authority formed in April 2000. IRDAI cannot be the body under which the committee was formed. Row 2 is correct: the L.C. Gupta Committee on derivatives was a SEBI committee, and SEBI's own derivatives circulars refer back to its recommendations. Row 3 is wrong: the RBI committee chaired by Urjit R. Patel was the Expert Committee to Revise and Strengthen the Monetary Policy Framework, which reported in January 2014; it had nothing to do with bank lending to housing. Row 4 is correct: after the microfinance developments in Andhra Pradesh, the RBI set up a sub-committee in October 2010 under Y.H. Malegam, a member of its Central Board, to study the sector. Hence 2 and 4.