Mor to head RBI panel on financial inclusion - mydigitalfc.com

The Reserve Bank of India (RBI) on Monday announced setting up of a 13-member committee to frame a clear and detailed vision for financial inclusion and financial deepening in India. The new governor of RBI, Raghuram Rajan, while taking charge on September 4 had announced formation of the committee. The committee under the chairmanship of Nachiket Mor, member on the central board of directors, RBI, will have members including Zia Mody, managing partner, AZB & Partners, Vikram Pandit, former chief executive officer of Citigroup, Bharat Doshi, chairman, Mahindra & Mahindra Financial Services, Sunil Kaushal, chief executive officer of Standard Chartered Bank India, SS Mundra, chairman and managing director, Bank of Baroda, Ramesh Ramanathan, chairman, Janalakshmi Financial Services, Shikha Sharma, managing director and chief executive officer, Axis Bank, and Prakash Bakshi, chairman, Nabard. The committee on 'comprehensive financial services for small businesses and low-income households' will lay down a set of design principles that will guide the development of institutional frameworks and regulation for achieving financial inclusion and financial deepening. It 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. The committee's task is to develop a comprehensive monitoring framework to track the progress of financial inclusion and deepen efforts on a nationwide basis. Other members on the committee are AP Hota, managing director and chief executive officer, National Payments Corporation of India, Roopa Kudva, managing director and chief executive officer, Crisil, Ramesh Ramanathan, chairman, Janalakshmi Financial Services, A Udgata, principal chief general manager, RBI member secretary. S Karuppasamy and Deepali Pant Joshi, both executive directors at RBI, will be the expert observers. Secretarial support will be provided by the rural planning and credit department (RPCD) of the central bank. The committee would be submitting its final report by December 31. "Let us remember that the goal is greater financial access in all parts of the country, rather than meeting bureaucratic norms. I am asking Dr Nachiket Mor to head a committee that will assess every aspect of our approach to financial inclusion to suggest the way forward. In these ways, we will further the development mission of the RBI," Rajan had said at the first press conference. falaknaazsyed@mydigitalfc.com via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHzJLb1gftvPJRPHfE4c4prxGXhDA&url=http://www.mydigitalfc.com/banking/mor-head-rbi-panel-financial-inclusion-522

Put the internet to work for you. via Personal Recipe 2910127