Financial Inclusion top in RBI’s agenda

RBI appoints Committee on Comprehensive Financial Services for Small Businesses and Low-Income Households to frame a detailed vision on financial inclusion.

The Reserve Bank of India today announced appointment of a Committee on Comprehensive Financial Services for Small Businesses and Low-Income Households under the Chairmanship of Shri Nachiket Mor, Member on the Central Board of Directors, Reserve Bank of India.

Terms of Reference

1. To frame a clear and detailed vision for financial inclusion and financial deepening in India.
2. 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.
3. To review existing strategies and develop new ones that address specific barriers to progress and that encourage participants to work swiftly towards achieving full financial inclusion and financial deepening, consistent with the design principles.
4. To develop a comprehensive monitoring framework to track the progress of the financial inclusion and deepening efforts on a nationwide basis.
5. Any other related issue/s the committee may want to opine on.

Committee Chair:

Dr. Nachiket Mor, Central Board Member, Reserve Bank of India

Committee Members:

1. Ms. Bindu Ananth, President, IFMR Trust
2. Dr. Prakash Bakshi, Chairman, NABARD
3. Shri Bharat Doshi, Chairman, Mahindra & Mahindra Financial Services
4. Shri A.P. Hota, Managing Director & CEO, National Payments Corporation of India
5. Shri Sunil Kaushal, CEO, Standard Chartered Bank India
6. Ms Roopa Kudva, Managing Director & CEO, CRISIL Limited
7. Smt. Zia Mody, Managing Partner, AZB & Partners
8. Shri S.S. Mundra, Chairman & Managing Director, Bank of Baroda
9. Dr. Vikram Pandit, former CEO, Citigroup (2007-2012)
10. Shri Ramesh Ramanathan, Chairman, Janalakshmi Financial Services
11. Smt. Shikha Sharma, Managing Director & CEO, Axis Bank
12. Shri A. Udgata, Principal Chief General Manager, Reserve Bank of India – Member Secretary

Shri S. Karuppasamy and Dr. Deepali Pant Joshi, both Executive Directors, Reserve Bank of India will be the Expert Observers. Secretarial support will be provided by the Rural Planning and Credit Department (RPCD), Reserve Bank of India.

The Committee will submit its final report by December 31, 2013.