With reference to different Committees in India, consider the following details : Sl. No. | Committee | Objective | Organization under which it was formed 1. | R.N. Malhotra Committee | Comprehensive reforms of Insurance 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 ?
- (a) 2 only
- (b) 2 and 3
- (c) 1, 3 and 4
- (d) 2 and 4 ✓ UPSC's answer
Why the answer is (d)
• Row 1 is wrong: the R.N. Malhotra Committee (1993) did recommend insurance-sector reforms, but it was set up by the Government of India; IRDAI itself was created in 1999 on its recommendation, so it could not have formed the committee.
• Row 2 is correct: SEBI appointed the L.C. Gupta Committee in 1996 to prepare the regulatory framework for introducing derivatives trading in India.
• Row 3 is wrong: the Urjit Patel Committee (RBI, 2013) was on revising and strengthening the monetary policy framework — it recommended CPI inflation targeting — not on housing-sector lending.
• Row 4 is correct: the RBI's Y.H. Malegam Committee (2010–11) reviewed the microfinance sector after the Andhra Pradesh crisis and proposed the NBFC-MFI framework.
• Hence rows 2 and 4, option (d).
Why the other options are wrong
- (a) 2 only
- Row 4 (Malegam Committee on microfinance, RBI) is also correctly matched.
- (b) 2 and 3
- Row 3 is wrong: the Urjit Patel Committee dealt with the monetary policy framework, not housing.
- (c) 1, 3 and 4
- Rows 1 and 3 are wrong: Malhotra was a Government committee predating IRDAI, and Patel was on monetary policy.
Asked in the GS Paper I of the UPSC Civil Services Preliminary Examination 2026, held on 24 May 2026. Question and answer key: Union Public Service Commission. Explanation: UPSC Answer Check.