India's central bank announced a new technical panel to examine the efficiency, liquidity, and resilience of the country's foreign exchange and government bond markets. The panel has seven external members and will be chaired by the deputy governor overseeing the Reserve Bank of India's financial markets department. Its members include former SEBI board member Ananth Narayan, State Bank of India Deputy Managing Director Shamsher Singh, Axis Bank Executive Director Neeraj Gambhir, ICICI Bank Head of Treasury Shailendra Jhingan, Citibank India markets head Aditya Bagree, Clearing Corp of India Managing Director Nand Kishore, and Morgan Stanley India Managing Director Ridham Desai.
The Technical Advisory Panel comes as the RBI regularly intervenes to support the rupee, one of Asia's worst-performing currencies this year. The central bank has also sought to blunt speculation in the currency derivatives market and drain excess liquidity to contain inflation risks. The panel will also identify emerging policy and operational issues in financial markets, including challenges in implementing RBI measures and unintended market frictions.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing