which committee recommended the payment bank for India
Answers
RBI framed a committee headed by Nachiket Mor for Comprehensive Financial Services for Small Businesses and Low Income Households in September 2013. In January 2014, the committee submitted its final report, in which it recommended the formation of a new kind of bank called payments bank.
In India,Nachiket Mor Committee established by the Reserve Bank of India(RBI) in 2013 has recommended the payment bank for India.
Explanation:
The Nachiket Mor Committee is an official committee established by the RBI under the guidance and leadership of one of the eminent board members of RBI,Mr.Nachiket Mor.The committee is primarily intended to undertake or suggest administrative measures to strengthen the small scale business sectors and the low income families or households by providing them necessary financial assistance and economic infrastructure.As recommended by the official report of the committee,it is imperative to provide official bank accounts to all the adult citizens of the country who are above the age of 18 by the beginning of 2016.Now,as proposed by the committee,this can be achieved by a vertically integrated banking system needs to be established which would facilitate credit accessibility by ensuring services such as payment banks,other deposits and wholesale banks for commercial purposes.These wholesale banks are required to have Rs.50 crore as minimum capital,which is significantly less than what has stipulated for other commercial banks as minimum capital requirement.