The Narasimham Committee was established under former RBI Governor M. Narasimham in August 1991 to look into all aspects of the financial system in India. The report of this committee had comprehensive recommendations for financial sector reforms including the banking sector and capital markets. In broad acceptance to this committee, the government announced a slew of reforms. The recommendations of the Committee aimed at:(a) Ensuring a higher degree of operational flexibility;(b) Autonomy in decision making; and(c) To infuse competitiveness and a higher degree of professionalism in banking operations in order to achieve efficiency and effectiveness of the financial system. ALSO READ-Ministry of Human Resource Department constituted a Committee for Draft National Education Policy headed by Dr. K. Kasturirangan in June 2017 to draft New Education Policy 2019. The committee submitted the Draft National Educational Policy to the Union Human Resource Development Minister on 31 May 2019. The draft Policy provides for reforms at all levels of education from school to higher education. Tax reform, by definition, consists in changing the structure of one or more taxes or the tax system, in order to improve their functioning for achieving their objectives. In, 1991, the Government set up the Tax Reforms Committee under the Chairmanship of Raja J. Chelliah to examine the then tax structure of the country and suggest appro­priate changes therein. In its report submit­ted to the Government in January 1993, it has made several recommendations for reforming Indias tax structure.