UPSC Prelims 2026 Question:

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

	Committee	Objective	Organization under which it was formed
1.	R.N. Malhotra  Committee	Comprehensive reforms of 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?

Answer: 4

Explanation:  

• R.N. Malhotra Committee was indeed related to comprehensive reforms in the insurance sector, but it  was set up by the Government of India in 1993 before the establishment of the Insurance Regulatory  and Development Authority of India (IRDAI). So, row 1 is not correctly matched.  
• L.C. Gupta Committee was constituted by the Securities and Exchange Board of India in 1996 to  prepare a regulatory framework and roadmap for the introduction of derivatives trading in India. The  committee’s recommendations laid the foundation for equity and index derivatives trading in Indian  capital markets. So, row 2 is correctly matched.  
• Urjit R. Patel Committee was constituted by the RBI to recommend a framework for monetary policy  and inflation targeting, not for reforming bank lending to the housing sector. So, row 3 is not correctly  matched.  
• Y.H. Malegam Committee was formed by the Reserve Bank of India in 2010 to examine issues in  the microfinance sector after the Andhra Pradesh microfinance crisis. Its recommendations led to major  reforms in the sector and creation of the NBFC-MFI regulatory framework. So, row 4 is correctly  matched.  

Therefore, option (4) is the correct answer.