The Reserve Bank of India has decided to constitute a technical consultative committee for financial markets to provide a forum for structured engagement with market participants and stakeholders on policy and operational matters related to financial markets, the central bank said on Wednesday.

The committee will cover the money, government securities and foreign exchange markets, along with their respective derivative markets and infrastructure, the RBI said in its Statement on Developmental and Regulatory Policies.

The move comes against the backdrop of rapidly evolving financial markets and infrastructure, the RBI said.

The committee will facilitate engagement between the central bank, market participants and other stakeholders on policy and operational matters across the covered markets.

The composition and terms of reference of the Technical Consultative Committee will be notified separately, the RBI said.

The announcement was made alongside the October monetary policy decision, in which the Monetary Policy Committee unanimously raised the policy repo rate by 25 basis points to 5.50% and changed the policy stance to calibrated tightening. The Governor had earlier said the RBI would continue to use an appropriate mix of liquidity management tools and seek to align the weighted average call rate with the policy repo rate.