RBI sets up panel to frame vision for financial inclusion

The Reserve Bank today announced a 13-member committee, including former Citibank CEO Vikram Pandit and Axis Bank chief Shikha Sharma, to frame a "clear and detailed" vision for financial inclusion/deepening across the country.

The Reserve Bank on Monday announced a 13-member committee, including former Citibank CEO Vikram Pandit and Axis Bank chief Shikha Sharma, to frame a "clear and detailed" vision for financial inclusion/deepening across the country.

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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 is headed by Nachiket Mor, member on the RBI's central board of directors.

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

The panel, which will submit its final report by December 31, has also been given the task 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.

SS Mundra (CMD, Bank of Baroda), Vikram Pandit (former CEO, Citigroup), Ramesh Ramanathan (chairman, Janalakshmi Financial Services) and Shikha Sharma (MD & CEO, Axis Bank).

A Udgata, principal chief general manager, RBI is the member secretary.

The central bank further said that Karuppasamy and Deepali Pant Joshi, both executive directors, RBI will be the expert observers.

Secretarial support to the panel will be provided by the Rural Planning and Credit Department (RPCD) of RBI.