The correct answer is: B. R. N. Malhotra Committee.
The R. N. Malhotra Committee was a committee set up by the Government of India in 1991 to review the working of the insurance sector in India. The committee submitted its report in 1994, and one of its recommendations was the re-opening up of the insurance sector to private players.
The other options are incorrect. The Rangarajan Committee was set up in 1982 to review the working of the monetary system in India. The Narasimham Committee was set up in 1991 to review the financial sector in India. The V. S. Vyas Committee was set up in 1998 to review the working of the agricultural sector in India.
The R. N. Malhotra Committee’s recommendation to re-open up the insurance sector to private players was accepted by the Government of India, and the Insurance Regulatory and Development Authority (IRDA) was set up in 1999 to regulate the insurance sector. The first private sector insurance companies were allowed to enter the market in 2000.