RBI released a draft paper of the
committee on financial benchmarks. RBI had announced constitution of a committee
under Vijaya Bhaskar in June to study issues relating to financial benchmarks
and submit the report by December 31. While the existing system was found
generally satisfactory, the report recommends several measures to strengthen the
benchmark quality, setting methodology and governance framework. "In line with
the international move towards greater regulatory oversight of the benchmark
setting process, the report reviews the existing regulatory powers of RBI over
the financial benchmarks and recommends suitable amendments of the RBI Act," the
banking regulator said in a press release on its website. RBI has invited public
comments on the draft report.
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