The plethora of committees formed by the RBI tries to communicate to the financial sector participants or markets. Interestingly, many of these committees are conceptualized during the process of either the annual or the mid-year Review of monetary policy, so that by the time of the next policy its recommendations are available for consideration or for implementation.
While the general public is quite cynical about the formation of any committee, as long as the authorities are serious about a transparent acceptance or rejection of the recommendations of the committees, they remain a major vehicle of the collective policy thinking. An important feature of the RBI communication policy is the almost real-time dissemination of information through its web-site.