The Reserve Bank of India (RBI) on 15 July 2015 constituted a committee to work out a five-year (medium-term) action plan for financial inclusion. The 14-member panel will be headed by RBI executive director Deepak Mohanty.
The Committee will work to spread the reach of financial services to unbanked population.
The terms of reference of the Committee are as under:
(i) To review the existing policy of financial inclusion including supportive payment system and customer protection framework taking into account the recommendations made by various committees set up earlier.
(ii) To study cross country experiences in financial inclusion to identify key learnings, particularly in the area of technology-based delivery models, that could inform our policies and practices.
(iii) To articulate the underlying policy and institutional framework, also covering consumer protection and financial literacy, as well as delivery mechanism of financial inclusion encompassing both households and small businesses, with particular emphasis on rural inclusion including group-based credit delivery mechanisms.
(iv) To suggest a monitorable medium-term action plan for financial inclusion in terms of its various components like payments, deposit, credit, social security transfers, pension and insurance.
(v) To examine any other related issues.
The committee was constituted in reference to Prime Minister Narendra Modi’s address on the occasion of the Reserve Bank’s 80th anniversary wherein he asked the Bank to take the lead in encouraging financial institutions and to set a medium-to-long term target for sustainable financial inclusion.
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When: 15 July 2015