The Raghuram Rajan Committee on Financial Sector Reforms was a committee constituted by the Government of India in 2007 for proposing the next generation of financial sector reforms in India. It was chaired by
University of Chicago
The University of Chicago (UChicago, Chicago, U of C, or UChi) is a private research university in Chicago, Illinois. Its main campus is located in Chicago's Hyde Park neighborhood. The University of Chicago is consistently ranked among the b ...
economist
Raghuram Rajan
Raghuram Govind Rajan (born 3 February 1963) is an Indian economist and the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business. Quote: "I am an Indian citizen. I have always b ...
who had earlier been the chief economist at the
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster globa ...
. The committee, in its report titled ''A Hundred Small Steps'', recommended broad-based reforms across the financial sector, arguing that instead of focusing "on a few large, and usually politically controversial steps", India must "take a hundred small steps in the same direction".
Background
In 2007, then
Deputy Chairman
The chairperson, also chairman, chairwoman or chair, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the grou ...
of the
Planning Commission,
Montek Singh Ahluwalia
Montek Singh Ahluwalia (born 24 November 1943) is an Indian economist and civil servant who was the Deputy Chairman of the Planning Commission of India, a position which carried the rank of a Cabinet Minister. He tendered his resignation for t ...
, drafted Rajan to write a report proposing the next generation of financial sector reforms in India.
The mandate that was given was to take an overall view of the sector in making recommendations, highlighting links between needed reforms, while offering a consistent underlying approach.
Composition
The committee, put together and chaired by Rajan, consisted of twelve members from across the public and private sectors. The members were:
*
Raghuram G. Rajan, Professor, Graduate School of Business, University of Chicago (Chairman)
*
Suman Bery
Suman may refer to:
Given name
* Suman (actor), Indian actor
* Suman Adhikary (born 1985), Indian director of Bengali films
* Suman Bala (born 1981), Indian field hockey player
* Suman Chakraborty, Indian engineer
* Suman Deodhar (born 1930), ...
, Director General, NCAER
*
Uday Kotak, CEO, Kotak Mahindra Bank
*
Rajiv Lall
Rajiv B. Lall is the managing director and vice chairman of Infrastructure Development Finance Company (IDFC) in India. , CEO, IDFC
*
Vijay Mahajan
Vijay Mahajan is the Chief Executive Officer (CEO) of the Rajiv Gandhi Foundation and the Director of the Rajiv Gandhi Institute of Contemporary Studies.
Mahajan was the founder of the BASIX Social Enterprise Group which is engaged in liveliho ...
, Chairman, Basix
*
Zia Mody, Senior Partner, AZB Partners
*
O. P. Bhatt
Om Prakash Bhatt (born 7 March 1951) is an Indian banker and was the Chairman of State Bank of India from June 2006 until 31 March 2011
Presently, he is an independent director on the board of the 'Maharatna' Central Public Sector Enterprise - O ...
, Chairman, State Bank of India
*
K. V. Kamath
Kundapur Vaman Kamath is the former chief of the New Development Bank of BRICS countries, previously he has also served as the Chairman of Infosys Limited, the second-largest Indian IT services company, and as the Non-Executive Chairman of ICI ...
, MD & CEO, ICICI Bank
*
Chitra Ramakrishna, Deputy MD, NSE
*
R. Ravimohan
R. Ravimohan (1957–2009) was an Indian corporate executive of financial and risk management. He was known for his credit rating analysis. He worked with Credit Rating Information Services of India Limited and was with Reliance Industries as i ...
, MD & CEO, CRISIL
*
J. R. Varma, Professor, Indian Institute of Management, Ahmedabad
*
R. Sridharan, Adviser (FR), Planning Commission (Convenor)
Workings
The committee undertook nine formal and eleven informal meetings. In addition, committee members met with numerous stakeholders in the financial sector in putting together the report.
See also
*
Committee on Comprehensive Financial Services for Small Businesses and Low Income Households
*
Committee on Medium-term Path on Financial Inclusion
References
External links
Report of the Raghuram Rajan Committee on Financial Sector Reforms
Economic planning in India
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