Official Question UPSC 2026
With reference to different Committees in India, consider the following details :
Sl. No. Committee Objective Organization under which it was formed 1. R.N. Malhotra Committee Comprehensive reforms of Insurance sector in India Insurance Regulatory and Development Authority of India 2. L.C. Gupta Committee Preparing a roadmap for the introduction of derivatives trading in India Securities and Exchange Board of India 3. Urjit R. Patel Committee Preparing a roadmap for reforming bank lending to the Housing sector Reserve Bank of India 4. Y.H. Malegam Committee Preparing a roadmap for reforms in Microfinance sector in India Reserve Bank of India
In which of the above rows are all the details correctly matched ?
| Sl. No. | Committee | Objective | Organization under which it was formed |
|---|---|---|---|
| 1. | R.N. Malhotra Committee | Comprehensive reforms of Insurance sector in India | Insurance Regulatory and Development Authority of India |
| 2. | L.C. Gupta Committee | Preparing a roadmap for the introduction of derivatives trading in India | Securities and Exchange Board of India |
| 3. | Urjit R. Patel Committee | Preparing a roadmap for reforming bank lending to the Housing sector | Reserve Bank of India |
| 4. | Y.H. Malegam Committee | Preparing a roadmap for reforms in Microfinance sector in India | Reserve Bank of India |
Solution & Analysis
Answer: D
Let's review the historical mandates of these financial committees:
•Row 1 is Incorrect: The R.N. Malhotra Committee (1993) did indeed design comprehensive insurance reforms. However, it was constituted directly by the Government of India. The IRDAI was established in 1999 as a result of this committee, making it chronologically impossible for IRDAI to have formed it.
•Row 2 is Correct: The L.C. Gupta Committee was appointed by SEBI in 1996. It successfully developed the regulatory roadmap that allowed for the introduction of financial derivatives trading in Indian markets.
•Row 3 is Incorrect: The Urjit R. Patel Committee (2013), formed by the RBI, is one of the most famous modern committees. However, its mandate had absolutely nothing to do with housing loans. Its objective was to revise the Monetary Policy Framework, famously leading to the adoption of the inflation-targeting framework and the MPC.
•Row 4 is Correct: In the wake of the Andhra Pradesh microfinance crisis, the RBI constituted the Y.H. Malegam Committee (2010) to study and recommend strict regulatory guardrails for the NBFC-MFI (Microfinance) sector.
Conclusion: Only rows 2 and 4 are completely accurate.