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UPSC Prelims 2026 GS Paper 1, question 98

Topic: Economy

Q98

With reference to different Committees in India, consider the following details :

Sl. No. Committee Objective Organization under which it was formed
1. R.N. Malhotra Committee Comprehensive reforms of Insurance sector in India Insurance Regulatory and Development Authority of India
2. L.C. Gupta Committee Preparing a roadmap for the introduction of derivatives trading in India Securities and Exchange Board of India
3. Urjit R. Patel Committee Preparing a roadmap for reforming bank lending to the Housing sector Reserve Bank of India
4. Y.H. Malegam Committee Preparing a roadmap for reforms in Microfinance sector in India Reserve Bank of India

In which of the above rows are all the details correctly matched ?

  1. (a) 2 only
  2. (b) 2 and 3
  3. (c) 1, 3 and 4
  4. (d) 2 and 4Correct answer

Solution.

Answer: (d) 2 and 4

  1. Item 1 is incorrect: the R.N. Malhotra Committee (1993) on insurance sector reforms was constituted by the Government of India (Ministry of Finance), prior to the creation of IRDAI in 1999-2000.
  2. Item 2 is correct: the L.C. Gupta Committee (1996) was appointed by SEBI to develop the regulatory framework for derivatives trading in India.
  3. Item 3 is incorrect: the Urjit R. Patel Committee (2013) was appointed by the RBI to revise and strengthen the Monetary Policy Framework (introducing flexible inflation targeting), not housing sector lending.
  4. Item 4 is correct: the Y.H. Malegam Committee (2010) was constituted by the RBI to study issues and concerns in the Microfinance (MFI) sector.