MOHANTY COMMITTEE FOR FINANCIAL INCLUSION

The Reserve Bank of India has recently announced the constitution of a Committee with the objective of working out a medium-term (five year) measurable action plan for financial inclusion. The committee will be headed by Shri Deepak Mohanty, Executive Director, Reserve Bank of India and will have 14 other members. This can be viewed as another step of Modi Govt. mission to ensure access to financial services for all. The Govt. has already taken steps like Pradhan Mantri Jan Dhan Yojana(2014) for universal access to banking facilities.

COMMITTEE WILL BE REVIEWING

1) Existing policy of financial inclusion including customer protection framework and supportive payment system.

2) Recommendations made by various committees set up earlier.

OBJECTIVES

1) To study cross country experiences in financial inclusion to identify key leanings particularly in the area of technology based delivery models take best out of it and use it to frame our policies.

2) 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.

3) Set forth the underlying policy and institutional framework, also covering consumer protection and financial literacy, delivery mechanism of financial inclusion.

4) For setting above policy encompass both households and small businesses with particular emphasis on rural inclusion including group-based credit delivery mechanisms.

DEADLINE

The Committee is expected to submit its report in four months from the date of its first meeting.
Author: Palak Tiwari, a freelancer writer based in Bhopal