In August 2024, the Reserve Bank of India (RBI) set up a 10-member committee under Deputy Governor Michael Debabrata Patra to benchmark its statistics against global standards. By when was/is the committee expected to submit its report?

The correct answer is End of November 2024.

Key Points

• The Reserve Bank of India (RBI) established a 10-member committee in August 2024.
• The committee is led by Deputy Governor Michael Debabrata Patra.
• The purpose of the committee is to benchmark RBI's statistics against global standards.
• The committee is expected to submit its report by the end of November 2024.

Additional Information

• Reserve Bank of India (RBI)
  • The RBI is India's central bank and regulatory body responsible for the regulation of the Indian banking system.
  • It was established on April 1, 1935, under the Reserve Bank of India Act, 1934.
  • The RBI's primary functions include managing the country's currency, monetary policy, and financial stability.
  • The headquarters of the RBI is located in Mumbai, Maharashtra.
• Michael Debabrata Patra
  • Michael Debabrata Patra is the Deputy Governor of the Reserve Bank of India.
  • He was appointed to the position in January 2020.
  • Patra oversees the Monetary Policy Department, including the Economic and Policy Research Department.
  • He has a Ph.D. in Economics from the Indian Institute of Technology, Bombay.
• Global Standards for Statistical Benchmarking
  • Global standards for statistical benchmarking refer to internationally accepted norms and guidelines for collecting, processing, and reporting statistical data.
  • These standards ensure the reliability, accuracy, and comparability of data across different countries and organizations.
  • Organizations such as the International Monetary Fund (IMF) and the United Nations (UN) play a key role in setting these standards.
  • Adhering to global standards helps in maintaining transparency and trust in statistical data.
• Committee Formation and Function
  • Committees are formed to address specific tasks, issues, or functions within an organization or government body.
  • They typically consist of experts and stakeholders relevant to the committee's purpose.
  • Committees gather information, analyze data, and provide recommendations or reports.
  • The formation of such committees helps in specialized decision-making and policy formulation.