Mumbai, Aug 4 (IANS) The Reserve Bank of India (RBI) on Thursday said it has set up a committee which will study various facets of household finance in India.

According to RBI, the committee will have representatives of financial sector regulators such as SEBI, IRDAI, and PFRDA apart from RBI.

"The committee will be chaired by Dr. Tarun Ramadorai, Professor of Financial Economics, University of Oxford and will have representation from financial sector regulators," an RBI statement said.

The statement further said that the committee will evaluate Indian households' demands in formal financial markets for assets such as pensions as well as liabilities such as home loans over the coming decade.

Besides, the committee will study the reasons behind the deviation of financial allocations of Indian households like the large household allocation to gold.

In addition, the committee will assess the design of new systems and the redesign of existing systems of incentives and regulations which are expected to encourage and enable further participation of Indian households in formal financial markets.

The committee is expected to submit its report by the end of July, 2017.