The correct answer is option D: Narasimham Committee.

Explanation:
The Panchayati Raj system in India is a decentralized form of governance that aims to provide effective local self-government in rural areas. It was established to ensure the participation of people at the grassroots level in decision-making processes and to promote local development.

Let's look at each committee mentioned in the question and understand their relevance to the Panchayati Raj system:

a) Balwant Rai Mehta Committee:
- This committee was formed in 1957 to study and suggest measures for the implementation of a democratic decentralization system in India.
- It recommended the establishment of a three-tier Panchayati Raj system, consisting of village, block, and district-level Panchayats.
- It also emphasized the importance of devolving powers and functions to these Panchayats.

b) GVK Rao Committee:
- The GVK Rao Committee was set up in 1985 to evaluate the working of the Panchayati Raj institutions and suggest improvements.
- It recommended measures to strengthen the Panchayati Raj system, including financial empowerment, capacity building, and increased participation of marginalized sections of society.

c) LM Singhvi Committee:
- The LM Singhvi Committee was constituted in 1986 to examine the working of Panchayati Raj institutions and suggest constitutional amendments to strengthen them.
- It recommended the insertion of a new Part IX in the Constitution, which deals with the Panchayats.
- The recommendations of this committee led to the 73rd Constitutional Amendment Act, 1992, which provided a constitutional status to the Panchayati Raj institutions.

d) Narasimham Committee:
- The Narasimham Committee is not related to the Panchayati Raj system.
- It was formed in 1991 to examine and recommend reforms in the Indian banking sector.
- The committee's recommendations led to significant changes in the banking sector, including liberalization, deregulation, and the establishment of new financial institutions.

e) Ashok Mehta Committee:
- The Ashok Mehta Committee was established in 1977 to review the working of the Panchayati Raj institutions.
- It recommended various measures to strengthen the Panchayati Raj system, including financial autonomy, reservation for marginalized sections, and capacity building.

In conclusion, the Narasimham Committee is not related to the Panchayati Raj system, as it was formed to recommend reforms in the banking sector.