G 20 and India: Dr. D. Subbarao

.....The Reserve Bank recognized Shroff’s expertise and innovative thinking early on when, in 1953, it set up a committee under his chairmanship to examine how the flow of finance to the private sector could be enlarged. The Shroff Committee recommendations played a key role in defining the basis for institution building in the financial sector - ICICI and at a later date IDBI, were set up as development financial institutions, a deposit insurance corporation in the shape of DICGC came in the early sixties and the Committee’s suggestion of setting up unit trusts as vehicles to channelize small savings into investments provided the basis for the later day UTI.........

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