The Committee on Comprehensive Financial Services for Small Businesses and Low-Income Households has been tasked to develop a monitoring framework to track progress of financial inclusion across the country
The Reserve Bank of India (RBI) on Monday announced a 13-member Committee, including Vikram Pandit, former chief executive of Citibank and Axis Bank chief Shikha Sharma, to frame a 'clear and detailed' vision for financial inclusion across the country. The Committee is headed by Nachiket Mor, member on the RBI’s Central Board of Directors.
The ‘Committee on Comprehensive Financial Services for Small Businesses and Low-Income Households’ has been tasked to develop a comprehensive monitoring framework to track the progress of financial inclusion and deepening efforts on a nationwide basis, the central bank said.
The Committee would review existing strategies and develop new ones that address specific barriers to progress and encourage participants to work swiftly towards achieving full inclusion and financial deepening, consistent with the design principles, RBI said.
The committee members are: Bindu Ananth (President, IFMR Trust); Prakash Bakshi (Chairman, NABARD); Bharat Doshi (Chairman, Mahindra & Mahindra Financial Services); AP Hota (Managing Director and CEO, National Payments Corporation of India); Sunil Kaushal (CEO, Standard Chartered Bank India); Roopa Kudva (MD and CEO, CRISIL); Zia Mody (Managing Partner, AZB & Partners); S. S. Mundra (CMD, Bank of Baroda); Vikram Pandit (former CEO, Citigroup); Ramesh Ramanathan (Chairman, Janalakshmi Financial Services) and Shikha Sharma (MD & CEO, Axis Bank). A Udgata, Principal Chief General Manager, RBI is the Member Secretary.
The central bank further said Karuppasamy and Deepali Pant Joshi, both Executive Directors, RBI will be the expert observers.
Secretarial support to the panel will be provided by the Rural Planning and Credit Department (RPCD) of the RBI.
The panel, which will submit its final report by 31st December 31, has also been given the task 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.
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