RBI releases Report of the Committee on Comprehensive Financial Services for Small Business and Low Income Households – Part 1

Reserve Bank of India today placed on the website the Report of the Committee on Comprehensive Financial Services for Small Business and Low Income Households.

Apart from the Report, additional comments by two committee members i.e Shikha Sharma, Axis Bank and S S Mundra, Bank of Baroda have also been placed on the website.

RBI has invited comments from the interested parties. The comments may be sent by email to cgmicrpcd@rbi.org.in or by Snail Mail to to the Principal Chief General Manager, Rural Planning and Credit Department, Reserve Bank of India, Central Office, 10th floor, Shahid Bhagat Singh Marg, Mumbai 400 001. The last date for receipt of the comments is January 24, 2014.

The terms of reference of the committee were:

1. To frame a clear and detailed vision for financial inclusion and financial deepening in

India.

2. 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.

3. To 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.

4. To develop a comprehensive monitoring framework to track the progress of the financial inclusion and deepening efforts on a nationwide basis.

5. Any other related issue/s the Committee may want to opine on.

Dr. Nachiket Mor, Central Board Member, Reserve Bank of India, was appointed as the Committee Chairman.

Committee Members:

1. Ms. Bindu Ananth, President, IFMR Trust

2. Dr. Prakash Bakshi, Chairman, NABARD

3. Mr. Bharat Doshi, Chairman, Mahindra & Mahindra Financial Services

4. Mr. A.P. Hota, Managing Director & CEO, National Payments Corporation of India

5. Mr. Sunil Kaushal, CEO, Standard Chartered Bank India

6. Ms. Roopa Kudva, Managing Director & CEO, CRISIL Limited

7. Ms. Zia Mody, Managing Partner, AZB & Partners

8. Mr. S.S. Mundra, Chairman & Managing Director, Bank of Baroda