Reserve Bank of India has constituted a task force on offshore rupee market to find ways to move non-resident Indian to the domestic market and improve liquidity to promote on-shore hedging activity. The task force will examine offshore rupee markets in depth and recommend appropriate policy measures that also factor in the requirement of ensuring the stability of the external value of the rupee.
The panel will be chaired by former deputy governor of the RBI Usha Thorat. Ajit Ranade, Chief Economist of the Aditya Birla Group, Sajjid Chinoy, Chief Economist of JPMorgan India and Surendra Rosha, CEO of HSBC India are other members of the task force. The panel will also have nominees from the government, Sebi and the RBI.