Recommendations of Deepak Mohanty Committee on Medium-term Path on Financial Inclusion

Recommendations of Deepak Mohanty Committee on Medium-term Path on Financial Inclusion

  • 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 of Deepak Mohanty Committee on Medium-term Path on Financial Inclusion

Main Recommendations Given By the Deepak Mohanty Committee on Medium Term Path On financial Inclusion 

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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