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

Economy ·Previously asked in Union Public Service Commission Civil Services Examination 2026

View the full solved paper: GS Paper I 2026

Question

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

1. R. N. Malhotra CommitteeComprehensive reforms of Insurance sector in IndiaInsurance Regulatory and Development Authority of India
2. L. C. Gupta CommitteePreparing a roadmap for the introduction of derivatives trading in IndiaSecurities and Exchange Board of India
3. Urjit R. Patel CommitteePreparing a roadmap for reforming bank lending to the Housing sectorReserve Bank of India
4. Y. H. Malegam CommitteeReforming the regulatory framework governing the Microfinance IndustryReserve Bank of India

In how many of the above rows are the given details correctly matched?

  1. A. Only one
  2. B. Only two (Correct answer)
  3. C. Only three
  4. D. All four

Correct Answer

Option B — B

Detailed Solution & Explanation

The correct answer is Option B.

Key Points

  • only two rows are correctly matched.
  • Reading the third column as the authority that constituted each committee:
  • Row 2 (correct): the L. C. Gupta Committee on a roadmap for derivatives trading was appointed by SEBI (1996). ✓
  • Row 4 (correct): the Y. H. Malegam sub-committee on reforming microfinance regulation was constituted by the RBI (2010), and led to the NBFC-MFI framework. ✓
  • Why the other two are NOT correctly matched:
  • Row 1: the R. N. Malhotra Committee did deal with insurance-sector reform, but it was set up by the Government of India (1993) — IRDAI did not exist until 1999 and could not have constituted it. Pairing the committee with IRDAI as its authority is therefore a mismatch.
  • Row 3: the Urjit R. Patel Committee (2014) was on revising the monetary policy framework (it recommended flexible inflation targeting with CPI as the anchor) — not a roadmap for housing-sector bank lending. The purpose is wrongly stated.
  • anchor these four — Malhotra→insurance, L.C. Gupta→derivatives, Urjit Patel→inflation targeting, Malegam→microfinance.

Exam Tip

  • watch the timeline trap — a committee cannot be 'matched' to a regulator that did not yet exist when it was formed.