The formation of the task force was first proposed in the February 7 monetary policy.
The other members of the task force will include Surendra Rosha, CEO of HSBC, India, Ajit Ranade, chief economist of the Aditya Birla Group, Sajjid Chinoy, chief economist of JPMorgan India, nominees from the Department of Economic Affairs, from the Securities & Exchange Board of India, and RBI
members. The task force can also take into account other experts in the field, if considered necessary, the RBI
The task force will submit its report by June- end.
According to sources, the task force may suggest ways for the central bank to intervene in the offshore derivatives market, which has emerged as a big concern for the regulator.
“The task force is for making policy recommendations; it may come out with a workable proposition for the RBI to operate through NDFs also in a legal, if at all a circuitous, way,” a source had said recently.