Top officials of Reserve Bank of India (RBI), in a submission to a parliamentary panel, backed a containment strategy leaning towards prohibition, recommending that banks and other regulated financial institutions remain completely insulated from crypto assets and privately issued stablecoins. RBI deputy governor Rohit Jain and executive director P Vasudevan gave submissions on behalf of the central bank to the Parliamentary Standing Committee on Finance headed by BJP MP Bhartruhari Mahtab.