The Reserve Bank of India (RBI) on Monday announced the appointment of a Committee on Comprehensive Financial Services for Small Businesses and Low-Income Households under the Chairmanship of Nachiket Mor, who is a Member on the Central Board of Directors of RBI.
The 15-member committee has been asked to frame a clear and detailed vision for financial inclusion and financial deepening in India. It is to lay down a set of design principles that will guide the development of institutional frameworks and regulation for achieving financial inclusion and financial deepening.
It will review existing strategies and develop new ones that address specific barriers to progress, and that encourage participants to work swiftly towards achieving full inclusion and financial deepening, consistent with the design principles. Further, it is to develop a comprehensive monitoring framework to track the progress of the financial inclusion and deepening efforts on a nationwide basis. The committee has been asked to submit its final report by December 31, 2013.