Reserve Bank of India Forms Financial Markets Consultative Committee

The Reserve Bank of India established the Technical Consultative Committee for Financial Markets (TCCFM) on November 4, 2026. The committee follows an announcement made during the central bank's monetary policy committee meeting in October 2026 and is designed to improve the efficiency, liquidity, and resilience of India's financial markets.

Chaired by Deputy Governor Rohit Jain, the panel consists of external members from academia, market infrastructure, and major institutions including SBI, Axis Bank, ICICI Bank, Citibank India, Morgan Stanley India, and the Clearing Corporation of India Limited. The committee will meet at least once per quarter to serve as a structured forum for engagement on policy and operational issues related to money, government securities, foreign exchange, and derivative markets.

The TCCFM mandate includes reviewing market infrastructure—specifically trading, clearing, and settlement—while identifying market frictions and emerging risks. The committee will also monitor financial innovations and domestic and international developments to evaluate the impact of central bank measures and identify ways to deepen Indian financial markets.