RBI sets up technical panel on forex and bond markets

The Reserve Bank of India has set up a Technical Consultative Committee for Financial Markets, chaired by Deputy Governor Rohit Jain with seven external members from banks, market infrastructure and research, to examine the efficiency, liquidity and resilience of India's money, government bond and foreign exchange markets.

Why it matters: The panel formalises market input into RBI rulemaking at a moment when the bank is tightening the terms of rupee hedging, and its membership puts the largest state bank, the clearing house and foreign and private lenders at the same table as the regulator.

Data as of Reserve Bank of India statement of November 4, 2026 announcing the committee, as reported the same day by Bloomberg, The Hindu BusinessLine and IANS, which agree on the committee's name, chair, terms of reference and meeting frequency; the RBI release itself was not read directly in this run, and BusinessLine's named external member list totals seven names. The committee was first announced in the RBI's Statement on Developmental and Regulatory Policies of October 7, 2026. Developing item.

The Reserve Bank of India said on Wednesday it has constituted a Technical Consultative Committee for Financial Markets, headed by Rohit Jain, the deputy governor in charge of the Financial Markets Regulation Department, and meeting at least once a quarter. Its terms of reference cover the functioning, efficiency, liquidity and resilience of the money, government securities, foreign exchange and related derivative markets, measures to deepen and broaden those markets, and the trading, clearing, settlement and reporting infrastructure underneath them, including the identification of unintended frictions from RBI measures already in force.

The seven external members named in reports of the statement are Ananth Narayan, a former whole time member of the Securities and Exchange Board of India, Shamsher Singh of the State Bank of India, Neeraj Gambhir of Axis Bank, Shailendra Jhingran of ICICI Bank, Aditya Bagree of Citibank India, Nand Kishore of the Clearing Corporation of India, and Ridham Desai of Morgan Stanley India. The committee follows an October policy announcement and lands in the same weeks in which RBI measures have raised the cost of corporate dollar hedging, with forward purchases down 35 percent in October to their lowest since February, as reported earlier today.

RBI sets up technical panel on forex and bond markets

Sources