India: RBI Constitutes Committee on Financial Inclusion

Jul 2015
India, July, 16 2015 - Committee's terms of reference will include to review existing policy of financial inclusion including supportive payment system.

The Reserve Bank of India (RBI) has constituted a committee with the objective of working out a medium-term (five-year) measurable action plan for financial inclusion. The terms of reference will include reviewing the existing policy of financial inclusion, including supportive payment system and customer protection framework, taking into account the recommendations made by various committees set up earlier.

It will also study the cross-country experience in financial inclusion to identify key learnings, particularly in the area of technology-based delivery models, that could inform policies and practices. The committee will also suggest a monitorable medium-term plan for financial inclusion in terms of its various components like payments, deposit, credit, social security transfers, pension and insurance.

Deepak Mohanty, RBI executive director, will chair the committee. The job of the committee will also include articulating the underlying policy and institutional framework, covering consumer protection and financial literacy, as well as delivery mechanism of the financial inclusion, encompassing both households and small businesses, with particular emphasis on rural inclusion, including group-based credit delivery mechanisms.

As a step to scale up the expanse of financial inclusion, the government, in collaboration with banks, launched the Pradhan Mantri Jan Dhan Yojana in August last year. Banks had opened about 167.3 million accounts till July 8. The balance in those accounts was about Rs 20,000 crore. About 51.1 per cent of these accounts were zero-balance accounts.


Research Analysis Tools

The fund indexes, institution benchmarks and other market information displayed here are all Symbiotics designed analysis tools, created in-house by our analysts and experts. Symbiotics has one of the oldest track records in microfinance investment analysis dating back to the late 1990s; its indexes and benchmarks have been regularly used as markers by investors, asset managers, financial institutions and practitioners. These, as well as several other research products, are available through the Research Account. Click on the link below to find out more.

Learn More