Question

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?

  1. 1. 2 only
  2. 2. 2 and 3
  3. 3. 1, 3 and 4
  4. 4. 2 and 4

Answer (Detailed Solution Below)

Option 4: 2 and 4

Detailed Solution

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.  

Latest UPSC Exam 2026 Updates

Last updated on Sep, 2026

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