Amid slow progress in bringing the entire population under the banking network, the Reserve Bank of India (RBI), on Thursday, announced the setting up of a high-level committee to “spearhead” efforts to ensure accessible financial services.
The RBI Deputy Governor K. C. Chakrabarty -led Financial Inclusion Advisory Committee (FIAC) is expected to ensure that financial inclusion and financial stability move in tandem, the RBI said in a statement.
“This calls for a partnership of all the stakeholders,” it said. The stakeholders include RBI, SEBI, Insurance Regulatory and Development Authority, Pension Fund Regulatory and Development Authority , National Bank for Agriculture and Rural Development, and NGOs, the central bank said.
The members include, Y. H. Malegam, Dipankar Gupta, Ela Ramesh Bhatt and D. K. Mittal besides members of the Central Board of Directors of RBI.
Nachiket Mor, M. S. Sriram, R. S. Sharma, B. Sambamurthy, Rama Vedashree, P. D. K. Rao and K. R. Kamath, are the other members.
Keywords: Reserve Bank of India, banking sector, India banking
Right from the days of bank takeover in the Indira Gandhi era, we have
been hearing about financial inclusion and taking banking services to
the farthest corner. Much has been achieved and much more needs to be
done to extend all branches of financial services to the countryside.
Comments have appeared in the media from time to time that financial
inclusion -just enabling villagers to open bank accounts and make a
few transactions -would not make the villgers rich and make them
capable of earning far more than they are now. Apart form the
financial regulators who will form part of the study groups, it would
do well if the cooperative agencies and the rural labour welfare
organisations are also consulted in the process. IN otehr words state
also should invovle themselves in this work. The object is how the
earning capaacity and knowledge skills of vilalgers oculd be increased
and the health and education faciliteis are increase. All these have a
total effect on the uplift of the rural
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