Recommendations Deepak Mohanty Committee pdf Financial Conclusion

Recommendations Deepak Mohanty Committee pdf Financial Conclusion

  • The Reserve Bank of India (RBI) has released the Report on Medium-term Path on Financial Inclusion submitted by 14-member committee headed by RBI Executive Director Deepak Mohanty.
  • RBI had constituted the committee in July 2015 to examine the existing policy regarding financial inclusion and the form a five-year (medium term) action plan.
  • It was tasked to suggest plan on several components with regard to payments, deposits, credit, social security transfers, pension and insurance.

Recommendations Deepak Mohanty Committee

Recommendations Deepak Mohanty Committee pdf Financial Conclusion

Areas to Focus Recommendations

Insurance For Crops

  • Phase out of interest subvention scheme and ploughing the subsidy amount into a mandatory crop insurance scheme for small and marginal farmers

More Banks Account For female 

  • Suggests banks to open more accounts for females

Sukanya Sikhasha 

  • Proposes a new welfare scheme for girl child — Sukanya Shiksha

North Eastern States Financial Inclusion

  • Suggests stepping up financial inclusion in north-eastern, eastern and central states

Credit Account Link Aadhaar 

  • Recommends Aadhaar to be linked with each individual credit account

Mobile Technology

  • Recommends use of low-cost solution based on mobile technology for ‘last mile’ delivery

Gold KCC

  • Recommends ‘Gold KCC’ scheme for good borrowers

Interest Free Windows

  • Recommends commercial banks to open specialised interest-free windows with simple products

Geographical Information System

  • Recommends RBI to take lead in creating a geographical information system to map banking access points

More credit to MFI Sector

  • Recommends more bank credit to the MFI sector

More ATMS In Rural Areas

  • Suggests more ATMs in rural centres
  • This will Help In Financial Inclusion . More People Will connect With Banking Services .

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