The Reserve Bank of India has set up a committee on comprehensive financial services for small businesses and low-income households. The committee will be headed by Nachiket Mor, member on the Central Board of Directors, Reserve Bank of India.

The committee has been asked to come out with 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 has also been asked to develop a comprehensive monitoring framework to track progress of the financial inclusion and deepening efforts on a nationwide basis.

Report by December 31

The committee will submit its final report by December 31.

Besides Dr. Mor, the committee will have 12 members from diverse fields, says a release.

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