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The '''Raghuram Rajan Committee on Financial Sector Reforms''' was a committee constituted by the Government of India in 2007 for proposing the next generation of financial sector reforms in India. It was chaired by [[Booth School of Business|University of Chicago]] economist [[Raghuram Rajan]] who had earlier been the chief economist at the [[International Monetary Fund]]. The committee, in its report titled ''A Hundred Small Steps'', recommended broad-based reforms across the financial sector, arguing that instead of focusing "on a few large, and usually politically controversial steps", India must "take a hundred small steps in the same direction".<ref name="Report">{{Cite book |title=A Hundred Small Steps |last=Planning Commission, Government of India |publisher=SAGE Publications |year=2009 |isbn=978-81-7829-950-1}}</ref><br />
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==Background==<br />
In 2007, then [[Deputy Chairman of the Planning Commission|Deputy Chairman]] of the [[Planning Commission (India)|Planning Commission]], [[Montek Singh Ahluwalia]], drafted Rajan to write a report proposing the next generation of financial sector reforms in India.<ref name="Caravan">{{cite news | title = Line of Credit: Raghuram Rajan takes charge at the RBI | url = http://www.caravanmagazine.in/reportage/line-credit | author = Mark Bergen | publisher = Caravan Magazine | date = 1 October 2013 | accessdate = 20 May 2018}}</ref> The mandate that was given was to take an overall view of the sector in making recommendations, highlighting links between needed reforms, while offering a consistent underlying approach.<br />
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==Composition==<br />
The committee, put together and chaired by Rajan, consisted of twelve members from across the public and private sectors. The members were:<ref name="Report"/><br />
* [[Raghuram Rajan|Raghuram G. Rajan]], Professor, Graduate School of Business, University of Chicago (Chairman)<br />
* [[Suman Bery]], Director General, NCAER<br />
* [[Uday Kotak]], CEO, Kotak Mahindra Bank<br />
* [[Rajiv Lall]], CEO, IDFC<br />
* [[Vijay Mahajan]], Chairman, Basix<br />
* [[Zia Mody]], Senior Partner, AZB Partners<br />
* [[O. P. Bhatt]], Chairman, State Bank of India<br />
* [[K. V. Kamath]], MD & CEO, ICICI Bank<br />
* [[Chitra Ramakrishna]], Deputy MD, NSE<br />
* [[R. Ravimohan]], MD & CEO, CRISIL<br />
* [[J. R. Varma]], Professor, Indian Institute of Management, Ahmedabad<br />
* [[R. Sridharan]], Adviser (FR), Planning Commission (Convenor)<br />
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==Workings==<br />
The committee undertook nine formal and eleven informal meetings. In addition, committee members met with numerous stakeholders in the financial sector in putting together the report.<ref name="Report"/><br />
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==See also==<br />
* [[Committee on Comprehensive Financial Services for Small Businesses and Low Income Households]]<br />
* [[Committee on Medium-term Path on Financial Inclusion]]<br />
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==References==<br />
{{reflist}}<br />
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==External links==<br />
* [http://planningcommission.nic.in/reports/genrep/rep_fr/cfsr_all.pdf Report of the Raghuram Rajan Committee on Financial Sector Reforms]<br />
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[[Category:Economic planning in India]]<br />
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