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The Reserve Bank of India has set up a Committee on Comprehensive Financial Services for Small Businesses and Low-Income Households to frame a clear and detailed vision for financial inclusion and financial deepening in India.
According to the terms of reference, the committee will lay down a set of design principles that will guide the development of institutional framework and regulations for achieving financial inclusion and financial deepening.
The committee will review existing strategies and develop new ones that address specific barriers to progress. It will encourage participants to work swiftly towards achieving full inclusion and financial deepening, consistent with the design principles.
Headed by Nachiket Mor, member of the Central Board of Directors, Reserve Bank of India, the committee will also develop a comprehensive monitoring framework to track the progress of the efforts made at financial inclusion and deepening on a nationwide basis.
Besides Mor, the committee has 12 members, including Vikram Pandit, former CEO, Citigroup; S.S. Mundra, Chairman and Managing Director, Bank of Baroda; A.P. Hota, Managing Director and CEO, National Payments Corporation of India; Shikha Sharma, Managing Director and CEO, Axis Bank and Prakash Bakshi, Chairman, Nabard.
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