Question

Under Section 45Y of the RBI Act, 1934, who is the ex officio Chairperson of the Joint Committee constituted to resolve differences regarding hybrid or composite instruments?

Q: Answer-Under Section 45Y of the RBI Act, 1934, who is the ex officio Chairperson of the Joint Committee con...

Section 45Y, under Chapter IIIE dealing with the Joint Mechanism, provides that differences of opinion as to whether an instrument is hybrid or composite shall be referred to a Joint Committee. Under Section 45Y1a, the Union Finance Minister is the ex officio Chairperson, and the Governor of the Reserve Bank of India is the ex officio Vice-Chairperson. The decision of the Joint Committee is binding on RBI, SEBI, IRDA and PFRDA. The ex officio Chairperson is the Union Finance Minister.