Major Committees 2016: Deepak Mohanty Committee and Arvind Mayaram Committee (Download PDF)

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Deepak Mohanty Committee Purpose: Data and Information Management in the RBI Key recommendations Augment the government social cash transfer in order to increase the personal disposable income of the poor. It would put the economy on a medium-term sustainable inclusion path.

  • Sukanya Shiksha Scheme: Banks should make special efforts to step up account opening for females belonging to lower income group under this scheme for social cash transfer as a welfare measure.
  • Aadhaar linked credit account: Aadhaar should be linked to each individual credit account as a unique biometric identifier that can shared with Credit information bureau to enhance the stability of the credit system and improve access.
  • Mobile Technology: Bank’s traditional business model should change with greater reliance on mobile technology to improve ‘last mile’ service delivery.
  • Digitization of land records: It should implemented in order to increase formal credit supply to all agrarian segments through Aadhaar-linked mechanism for Credit Eligibility Certificates (CEC).
  • Nurturing self-help groups (SHGs): Corporates should be encouraged to nurture SHGs as part of Corporate Social Responsibility (CSR) initiative.
  • Subsidies: Government should replace current agricultural input subsidies on fertilizers, irrigation and power by a direct income transfer scheme as a part of second-generation reforms.
  • Agricultural interest subvention Scheme: It should phased out.
  • Crop Insurance: Government should introduce universal crop insurance scheme covering all crops starting with small and marginal farmers with monetary ceiling of Rs. 2 lakhs.
  • Multiple Guarantee Agencies: Should be encouraged to provide credit guarantees in niche areas for micro and small enterprises (MSEs). It would also explore possibilities for counter guarantee and re-insurance.
  • Unique identification of MSME: It should introduced for all MSME borrowers and information from it should share with credit bureaus.

Arvind Mayaram Committee

Purpose: To clear definition to the FDI and FII

  • The panel headed by Finance Secretary was set up to rationalize the definitions of FII and FDI.
  • Foreign investment of 10% or more in a listed company will now treated as FDI.
  • An investor may be allowed to invest below 10% and this can be treated as FDI subject to the condition that the FDI stake is raised to 10% or beyond within one year from the date of the first purchase.
  • If the stake not raised to 10% or above, then the investment can treated as portfolio investment.
  • Foreign Portfolio Investors include Foreign Institutional Investors (FIIs) and Qualified Foreign Investors (QFIs).
  • Foreign investment in an unlisted company, irrespective of the threshold limit, May treated as FDI.

- Published/Last Modified on: November 28, 2016

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