Committees constituted by RBI after Dr. Raghuram Rajan took charge as the new RBI Governor on September 4, 2013 :
Nachiket Mor committee
- RBI appointed a Committee on Comprehensive Financial Services for Small Businesses and Low-Income Households
- This 13 member committee has been tasked to develop a monitoring framework to track progress of financial inclusion across the country
- Committee chairman - Nachiket Mor, Central Board Member, Reserve Bank of India
- Other members include Shikha Sharma, Managing Director & CEO, Axis Bank, Dr. Vikram Pandit, former CEO of Citibank and A P Hota, MD & CEO of NPCI.
- Financial inclusion or inclusive financing is the delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of society.
- Swabhiman - Financial inclusion plan of India
- Nachiket Mor was the chairman of the ICICI foundation for the inclusive growth.
- Khan committee constituted by RBI in 2004 was tasked to formulate guidelines for financial inclusion in India and Nachiket Mor committee was tasked to develop a monitoring framework to track progress of financial inclusion across the country. Khan committee was headed by the present RBI deputy governor H. R. Khan.
Bimal Jalan committee
- RBI formed a High Level Advisory Committee (HLAC) to recommend granting new licenses to the private banks
- Head - Bimal Jalan, Former RBI Governor
- Members - Usha Thorat (former RBI Deputy Governor), C B Bhave (former SEBI chairman) and Nachiket Mor (financial sector expert and Central Board Member, Reserve Bank of India).
- There are 26 applicants from public and private sector for bank licenses.
- The public sector applicants include India Post and IFCI (Industrial Finance Corporation of India)
- The private sector applicants include Tata Sons, Anil Ambani's Reliance ADA group, Kumar Mangalam Birla's Aditya Birla Group, Bajaj and L&T finance
- After the RBI issued clarifications on the norms for the new banking licence, a few aspirants such as Mahindra finance opted out from getting new bank license.
Urjit Patel committee
- RBI constituted an Expert Committee to examine the current monetary policy framework of the Reserve Bank of India and recommend what needs to be done to revise and strengthen it with a view to, inter alia, making it transparent and predictable.
- Chairman - Dr. Urjit Patel, Deputy Governor, Reserve Bank of India
- Final report in December, 2013
Sambamurthy committee
- RBI constituted a Technical Committee on Mobile Banking, to examine the options/alternatives including the feasibility of using encrypted SMS based funds transfer using an application that can run on any type of handset for expansion of mobile banking in the country.
- Chairman - B. Sambamurthy, Director, IDRBT (Institute for Development & Research in Banking Technology) (Chairman)
- Member Secretary - Vijay Chugh, Chief General Manager, RBI
- Committee members include Anthony Thomas (Chief Information Officer, Vodafone India Ltd) and officials from SBI, ICICI, HDFC and Axis Bank.
- The Committee will submit its report by end of December 2013.
