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?

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  1. End of December 2024
  2. End of October 2024
  3. End of September 2024
  4. End of November 2024

Answer (Detailed Solution Below)

Option 4 : End of November 2024
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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.
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