Committee on Medium-term Path on Financial Inclusion explained

Committee on Medium-term Path on Financial Inclusion was an experts committee formed by the Reserve Bank of India (RBI) on 15 July 2015 to create a five-year plan for financial inclusion in India. It was headed by Deepak Mohanty, executive director of RBI.

It published its final report in December 2015 with a number of recommendations split into 10 broad areas.^{[1] [2]}

Members

The committee was headed by Deepak Mohanty. Other members of the committee were: ^[3]

• Ashok Gulati, Infosys Chair Professor for Agriculture, Indian Council for Research on International Economic Relations (ICRIER)
• Asli Demirgüç-Kunt, director of research, The World Bank
• A. P. Hota, MD & CEO, National Payments Corporation of India
  • Paresh Sukthankar, deputy managing director, HDFC Bank Kishor P. Kharat, executive director, Union Bank of India
• Subrata Gupta, chief general manager, National Bank for Agriculture and Rural Development
• Pawan Bakhshi, head – Financial Services for the poor programme in India, Bill and Melinda Gates Foundation
• Sudarshan Sen, principal chief general manager, Department of Banking Regulation, Reserve Bank of India
• Arun Pasricha, chief general manager, Consumer Education and Protection Department, Reserve Bank of India
• Nanda S. Dave, chief general manager, Department of Payment and Settlement Systems, Reserve Bank of India
• Y. K. Gupta, director, Department of Statistics and Information Management, Reserve Bank of India
• Saibal Ghosh, deputy adviser, research, Centre for Advanced Financial Research and Learning (CAFRAL)

Objective

The objective of the committee was to examine the existing policy regarding financial inclusion and to form a five-year action plan.^{[4] [5]} The plan had several components with regard to payments, deposits, credit, social security transfers, pension and insurance.^[5]

See also

• Raghuram Rajan Committee on Financial Sector Reforms
• Committee on Comprehensive Financial Services for Small Businesses and Low Income Households

Notes and References

1. Web site: Report of the Committee on Medium-term Path on Financial Inclusion . December 2015 . iam4change .
2. News: RBI sets up panel on financial inclusion. 21 July 2015. The Hindu. 15 July 2015.
3. News: RBI constitutes a Committee on Medium-term Path on Financial Inclusion (Press release). 21 July 2015. Reserve Bank of India. 15 July 2015.
4. News: RBI sets up committee to work out medium-term path on financial inclusion. 21 July 2015. Live Mint. 15 July 2015.
5. News: RBI panel to push financial inclusion. 21 July 2015. The Hindu Business Line. 15 July 2015.