The deputy governor of the RBI, R V Gupta will be chairman of the committee, which will, among others, comprise B K Pal, the executive director, RBI. Other members include B Y Olkar of the FEDAI, M G Bhide of the State Bank of India, Girija Pande of ANZ Grindlays Shailendra Bhandari of HDFC Bank.
The committee is to advise the RBI on policy issues aimed at development of a vibrant forex market in the country and also on matters relating to risk management.
It will also discuss technical issues referred to it by the RBI and standardise practices to be implemented in the market.