What is the Nachiket Mor Committee?
By Balaji
Updated on: February 17th, 2023
The RBI established the Nachiket Mor Committee in 2013 under the chairmanship of Mr. Nachiket Mor, an RBI board member. The Nachiket Mor Committee was known as the “Commission on Comprehensive Financial Services for Small Businesses and Low-Income Households.” The Reserve Bank of India issued a detailed report on this committee in January 2014.
Table of content
-
1. Nachiket Mor Committee
Nachiket Mor Committee
In September 2013, the RBI established the “Committee on Comprehensive Financial Services for Small Businesses and Low-Income Households,” which Nachiket Mor, a member of the RBI board, served as chairman.
- In January 2014, RBI published an extensive and detailed Report of this committee.
- Even though some have criticised the report’s recommendations as being overly ambitious and unrealistic, they have nonetheless sparked a thoughtful discussion about how to build India a modern, inclusive financial system.
Recommendations of the Nachiket Mor Committee
Several recommendations were made by the Nachiket Mor Committee, one of which was to provide a universal bank account to all Indians above 18 years of age by January 01, 2016.
- Emphasised the importance of Aadhaar as the main force behind the process of increasing the number of bank accounts.
- Monitoring at the district level, such as deposits and advances as a percentage of GDP.
- By January 1, 2016, all Indians over the age of 18 will have access to universal bank accounts.
- 50% priority sector lending target modified.
Related Questions:
