RBI's Nachiket Mor heads panel to frame vision for financial inclusion

Dr Nachiket MorThe Reserve Bank on Monday announced a 13-member committee headed by Dr Nachiket Mor, member on RBI's central board of directors, to frame a "clear and detailed" vision for financial inclusion and deepening banking services across the country.

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 the financial inclusion and deepening efforts on a nationwide basis, the central bank said.

The committee, which has former Citibank CEO Vikram Pandit and Axis Bank chief Shikha Sharma as members, has been asked to frame a clear and detailed vision and lay down principles that will guide the development of institutional frameworks and regulation for achieving financial inclusion and deepening of financial services in India.

The panel will review existing strategies and develop new ones that address specific barriers to progress and that encourage participants to work swiftly towards achieving full inclusion and financial deepening, consistent with the design principles.

Besides, the committee will develop a comprehensive monitoring framework to track the progress of the financial inclusion and deepening efforts on a nationwide basis.

The other members of the committee are: Bindu Ananth, (president, IFMR Trust), Prakash Bakshi, (chairman, NABARD), Bharat Doshi, (chairman, Mahindra & Mahindra Financial Services), AP Hota (managing director & CEO, National Payments Corporation of India), Sunil Kaushal (CEO, Standard Chartered Bank India) and Roopa Kudva (MD & CEO, CRISIL), lawyer Zia Mody (managing partner, AZB & Partners), SS Mundra (CMD, Bank of Baroda) and Ramesh Ramanathan (chairman, Janalakshmi Financial Services).

A Udgata, principal chief general manager, RBI, is the member secretary while Karuppasamy and Deepali Pant Joshi, both executive directors of RBI, will be the expert observers.

Rural planning and credit department (RPCD) of the RBI will provide secretarial support to the panel.

The panel will submit its final report by 31 December 2013.