Correct Option
The correct option is 2 and 4.
[as per provisional answerkey]Explanation
The question evaluates the knowledge of various financial and regulatory committees established in India, focusing on their specific objectives and the parent organizations that constituted them.
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Row 1: Incorrect
The R.N. Malhotra Committee was indeed tasked with recommending reforms for the insurance sector. However, it was set up by the Government of India in 1993, not the Insurance Regulatory and Development Authority of India (IRDAI). In fact, the IRDAI itself was established in 1999 based on the recommendations of the Malhotra Committee report.
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Row 2: Correct
The L.C. Gupta Committee was set up by the Securities and Exchange Board of India (SEBI) in 1996. Its primary objective was to develop a regulatory framework for the introduction of financial derivatives trading in the Indian capital markets.
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Row 3: Incorrect
The Urjit R. Patel Committee (2013) was formed by the Reserve Bank of India (RBI), but its objective was to revise and strengthen the monetary policy framework. It recommended the adoption of flexible inflation targeting and the Consumer Price Index (CPI) as the primary anchor for inflation. It was not related to bank lending in the housing sector.
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Row 4: Correct
The Y.H. Malegam Committee was constituted by the Reserve Bank of India (RBI) in 2010 in the wake of the Andhra Pradesh microfinance crisis. Its objective was to study the issues and concerns in the Microfinance Institutions (MFI) sector, leading to the creation of a separate category of NBFC-MFIs.
Key Takeaway: Regulatory committees are often the precursors to the establishment of statutory bodies (e.g., Malhotra Committee for IRDAI) or are formed by existing regulators (SEBI/RBI) to address specific systemic crises or structural reforms.