RBI Forms Financial Markets Consultative Committee With SBI and Bank Treasury Executives

RBI forms a new consultative forum

The Reserve Bank of India (RBI) announced the constitution of its Technical Consultative Committee for Financial Markets (TCCFM) on 4 November 2026. The move follows the proposal in RBI’s 7 October 2026 Statement on Developmental and Regulatory Policies. The new step is the actual constitution of the committee and publication of its membership and terms of reference.

The RBI release text was inspected through a reproduction by Nyaya Portal, alongside independent reporting from Business Standard and Mint. The original RBI press-release page was identified but could not be opened directly during this verification. Accordingly, the original page is not described as independently read here.

Who is on the committee?

The RBI Deputy Governor in charge of the Financial Markets Regulation Department chairs the committee; press reports identify the current Deputy Governor as Rohit Jain. Its seven external members are:

• Shamsher Singh: Chairman of the Fixed Income Money Market and Derivatives Association of India and Deputy Managing Director of State Bank of India.
• Neeraj Gambhir: Executive Director, Axis Bank.
• Shailendra Jhingan: Head of Treasury and Economic Research, ICICI Bank.
• Aditya Bagree: Managing Director and Head of Markets, Citibank India.
• Ananth Narayan: former whole-time member of SEBI and Professor of Practice at IIT Bombay.
• Nand Kishore: Managing Director, Clearing Corporation of India Limited.
• Ridham Desai: Managing Director, Morgan Stanley India.

These are individual market experts. Their presence does not imply a personnel-policy change at the banks concerned or automatically create new duties for all public-sector or rural bank employees.

What subjects will the panel examine?

The panel will advise on the functioning, liquidity, efficiency and resilience of money markets, government securities, foreign-exchange markets and their derivatives. It can consider trading, clearing, settlement and reporting infrastructure, financial innovation, emerging risks, implementation of RBI measures and unintended operational frictions. The central bank can refer specific market or macroeconomic questions to the committee.

The committee is expected to meet at least once every quarter. Nothing in the inspected announcement prescribes a new customer fee, new branch opening time, universal foreign-exchange transaction limit or mandatory dealing-room change.

Why it matters to bankers

Treasury and forex teams have the clearest professional interest because policy consultations may affect future market access, execution and settlement arrangements. Risk, compliance and audit professionals may also track future RBI directions prompted by market infrastructure recommendations.

For branch staff, this development is background on how markets policy is discussed, not an immediate operational instruction. Regional Rural Banks should not assume that participation by an SBI executive makes the committee’s advice binding on their employees.

What should be watched next?

Separate RBI directions or other legally applicable instruments would be needed for any eventual binding change. An advisory committee can recommend improvements, but it does not itself legislate, regulate or amend a bank’s existing service rules. Readers should distinguish the 7 October proposal, the 4 November constitution and any future notified action.

Sources and References

1. Nyaya Portal (reproduced RBI release) — Constitution of the Technical Consultative Committee for Financial Markets (TCCFM) (2026-11-04)
2. Business Standard — RBI forms financial markets consultative panel headed by Dy Guv Rohit Jain (2026-11-04)
3. Mint — RBI sets up market advisory panel to address liquidity, resilience concerns (2026-11-04)