Money & Banking

Financial inclusion advisory committee meet in Dec

A. J. Vinayak Mangalore | Updated on March 12, 2018 Published on October 30, 2012

RBI Deputy Governor, K.C. Chakrabarty. (file photo)

The first meeting of the Financial Inclusion Advisory Committee, headed by the Deputy Governor of RBI, will be conducted in December.

The second quarter review of monetary policy 2012-13, which was released on Tuesday, said that moving towards universal financial inclusion has been a national commitment as well as a policy priority for the Reserve Bank of India (RBI).

In order to spearhead efforts towards greater financial inclusion, the RBI constituted a Financial Inclusion Advisory Committee under the chairmanship of K.C. Chakrabarty, Deputy Governor.

“The collective expertise and experience of the members will be leveraged to explore viable and sustainable banking service delivery models focusing on accessible and affordable financial services, developing products and processes for rural as well as urban consumers presently outside the banking network, and suggesting the appropriate regulatory framework to ensure that financial inclusion and financial stability move in tandem. The first meeting of the committee will be held in December 2012,” it said.

The monetary policy statement of April 2012 mandated the State Level Bankers’ Committees (SLBCs) to prepare a roadmap covering all un-banked villages of population less than 2,000 and to notionally allot these villages to banks for providing banking services in a time-bound manner. Accordingly, detailed guidelines were issued to SLBC convenor banks on June 19.

The RBI statement on Tuesday said that banks were advised to furnish the details of allocation of villages to the respective regional offices of RBI by August-end.

It also said that quarterly statements on district-wise and bank-wise progress in opening banking outlets are required to be submitted from the quarter ending September 2012 by the 10th of the following month to RBI.

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Published on October 30, 2012
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