Photo: Bloomberg
Photo: Bloomberg

RBI sets up committee to work out medium-term path on financial inclusion

As part of its terms of reference, the committee will review the existing policy with respect to financial inclusion

Mumbai: The Reserve Bank of India (RBI) has set up a committee of experts to work out a medium-term path for financial inclusion, the central bank said on Wednesday.

The committee, chaired by executive director Deepak Mohanty, also consists of senior officials from public and private sector banks, officials from payments networks, a representative from the World Bank, a representative from the Bill and Melinda Gates Foundation and officials from the central bank.

As part of its terms of reference, the committee will review the existing policy with respect to financial inclusion. The committee will also study experiences in technology-based delivery models and come up with a medium term action plan to further financial inclusion in areas such as deposits, payments, credit, social security transfers, pension and insurance.

At the central bank’s 80th anniversary celebrations, Prime Minister Narendra Modi had stated that he expects the RBI to lead the way in encouraging financial inclusion and to come up with a medium-to-long term roadmap for sustainable financial inclusion.

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