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Current Affairs

Usha Thorat Committee on offshore rupee markets

Date: 01 March 2019 Tags: Banking Committees

Reserve Bank of India (RBI) has constituted eight-member task force headed by former RBI deputy governor Usha Thorat to examine issues related to offshore rupee markets and recommend policy measures to ensure stability of the external value of the domestic currency. This comes in pursuance of RBI’s guided objective of developing deep and liquid on-shore financial markets that act as price setter of rupee globally.

Other members of task force: Nominee from Department of Economic Affairs, nominee from Securities and Exchange Board of India (SEBI), Ajit Ranade, Sajjid Chinoy, Surendra Rosha, and Chief General Manager, Financial Markets Regulation Department, RBI.

Terms of reference of the task force

  • It will assess causes behind development of offshore rupee market and study effects of offshore markets on rupee exchange rate and market liquidity in the domestic market.
  • It will also recommend measures to address concerns, if any, arising out of offshore rupee trading besides proposing measures to generate incentives for non-residents to access the domestic market.
  • It will also suggest measures to generate incentives for non-residents to access the domestic market and examine the role, if any, International Financial Services Centres (IFSCs) can play in addressing these concerns.