RBI sets up Usha Thorat Panel on offshore rupee markets

The Reserve Bank of India (RBI) has constituted a panel under the former deputy governor Usha Thorat to examine issues related to offshore rupee markets and recommend policy measures to ensure the stability of the external value of the domestic currency.

Mandate for the Panel

  • The panel will study the causes behind the development of the offshore rupee market and examine the effects of the offshore markets on the rupee exchange rate and market liquidity in the domestic market.
  • The panel will also recommend measures to address concerns, if any, arising out of offshore rupee trading besides proposing measures to generate incentives for non-residents to access the domestic market.
  • The panel will recommend measures to generate incentives for non-residents to access the domestic market and examine the role if any, International Financial Services Centres (IFSCs) can play in addressing these concerns.

The members of the Usha Thorat panel will include a nominee from the Department of Economic Affairs, nominee from the Securities and Exchange Board of India, Ajit Ranade, Chief Economist of the Aditya Birla Group, Sajjid Chinoy, Chief Economist, JPMorgan, Surendra Rosha, CEO, India, HSBC, Adviser-in-charge, Department of Economic Policy and Research, RBI, and Chief General Manager, Financial Markets Regulation Department, RBI.

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