Sub-committees/groups formed among SEBI, IRDA, PFRDA and RBI, meet to discuss and sort out issues relating to developments in the financial markets having implications cutting across different regulators. Institutionalised and formal approach to decision making in a crisis has the benefit of building on the experience of the members.
6  BIS Review 129/2009  Consultative approach We have also reaped the advantages of using external experts in our policy making. We have a Technical Advisory Committee for Monetary Policy consisting of academicians, practitioners and experts, which tenders advice to RBI on monetary policy stance.