The Reserve Bank of India has constituted a standing committee on international financial standards and codes which will be headed by the apex bank's deputy governor Y V Reddy.
The committee will identify and monitor developments in global standards and codes, especially in the context of international developments and discussions as part of an effort to create a sound international financial architecture.
The group would look at the standards and codes that can be applicable to the Indian financial system and list out those that are necessary and desirable. It would chalk out the road map for aligning India's standards and practices in the light of evolving international practices. The group would periodically review the status and progress with regard to the codes and practices.
The members of the committee include EAS Sarma, secretary, economic affairs, as alternative chairman, V Govindarajan, additional secretary, Government of India, Arvind Virmani senior economic advisor, Ministry of Finance, A Vasudevan, executive director at RBI.
