RBI Logo Reserve Bank of India (RBI) has constituted a committee to prepare a 5 year [ Current News (Concise) - Committees ]
RBI executive director Deepak Mohanty will be a head of committee and comprise total of 14 members Terms of References of the committee for Action plan to spread the reach of financial services across country to unbanked population. This committee will review the existing policy of financial inclusion, including customer protection framework and supportive payment system.
- In this regard it will take into account the recommendations made by various committees set up earlier. Work out a medium-term or five-year measurable action plan for financial inclusion.
- Objective of this committee, it will cover various components including payments, credit, deposit, social security transfers, pension and insurance.
- The Committee is expected to submit its report in four months from the date of its first meeting. This committee is promoting under financial inclusion which Union government had launched Pradhan Mantri Jan Dhan initiative (PMJDY) in August 2014.
- Articulate the underlying institutional and policy framework for financial inclusion. Cover financial literacy and consumer protection, as well as delivery mechanism of financial inclusion.
- For this the committee will encompass both households and small businesses, with more emphasis on rural inclusion including group-based credit delivery mechanisms.
- Since October 2008, Deepak Mohanty is an Executive Director in the Reserve Bank of India (RBI).
- Published on: July 21, 2015