The Reserve Bank of India has constituted a committee with the objective of working out a 5 year measurable action plan for financial inclusion.
The committee will be headed by RBI Executive Director Deepak Mohanty.
Aims of the committee
- It will review the existing policy of financial inclusion, including supportive payment system and customer protection framework.
- It will 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.
- It will suggest a monitorable medium-term action plan for financial inclusion in terms of its various components like payments, deposit, credit, social security transfers, pension and insurance.
- It will develop the underlying policy and institutional framework, covering consumer protection and financial literacy, as well as delivery mechanism of the financial inclusion.
- It will encompass both households and small businesses, with more emphasis on rural inclusion including group-based credit delivery mechanisms.
The Committee is expected to submit its report in four months from the date of its first meeting.