The Indian Household Finance Committee was set up by the Reserve Bank of India to look at various facets of household finance in India. Chaired by Professor Tarun Ramadorai, Professor of Financial Economics, and Research Director for the Gandhi Centre at Imperial College London, the committee was represented by all financial sector regulators, namely, the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA).
This study is important as it has enabled experts to carefully explore the issues and identify ways of helping developing economies grow by reforming their financial systems, bringing together a whole range of expertise, including resources from the Reserve Bank of India, enabling them to do an extremely thorough cataloguing of how the Indian Household Finance system works.
Providing a complete picture of the unique aspects of Indian households’ financial decision-making across many different households, finance, markets and products, the committee analysed household-level micro-data from India and six other countries, and conducted a detailed comparison of household balance sheets in India, and those in other major world markets to highlight how Indian households are unique in their behaviour.
For more information, there is a nice summary article published in Mint here.