Reserve Bank of India (RBI) on Friday, released a draft paper of the committee on financial benchmarks.
RBI had announced constitution of a committee under Vijaya Bhaskar in June to study issues relating to financial benchmarks and submit the report by December 31.
While the existing system was found generally satisfactory, the report recommends several measures to strengthen the benchmark quality, setting methodology and governance framework.
"In line with the international move towards greater regulatory oversight of the benchmark setting process, the report reviews the existing regulatory powers of RBI over the financial benchmarks and recommends suitable amendments of the RBI Act," the banking regulator said in a press release on its website. RBI has invited public comments on the draft report.