New Delhi, Oct. 8 -- One notable decision of the Reserve Bank of India declared along with its monetary policy revision on Wednesday is to set up a Technical Consultative Committee for Financial Markets. Its composition and terms haven't yet been announced, but its broad remit will be to serve as a forum for engagement with market participants and stakeholders.

Discussions are expected to revolve around policy and operational matters related to money, government securities and foreign exchange markets, apart from infrastructure and the markets for their respective derivatives.

Such a panel seems timely. As India's recent currency market difficulties have shown, economic troubles can travel quickly through financial markets even as effec...