Every Indian should have a bank A/C by Jan 1, 2016: RBI panel
8 Jan 2014 6:50 AM IST
It also suggested that facilities for withdrawal, payment and depositing should be set up within a 15-minutes walking distance anywhere in the country.
‘By January 1, 2016 each resident above the age of 18 would have an individual, full-service, safe, and secure electronic bank account,’ Mor said in a report by the Committee on Comprehensive Financial Services for Small Businesses and Low-Income Households.
The panel, headed former ICICI Bank Executive Director Nachiket Mor, was set up by Raghuram Rajan on the day of his taking over as the RBI Governor, to suggest steps for promoting financial inclusion.
The committee advocated the setting up of ‘Payments Banks’ to ‘provide payment services and deposit products to small businesses and low-income households’ with a maximum balance of Rs 50,000 per customer. These banks can be set up with minimum capital requirement of Rs 50 crore, one-tenth of the Rs 500 crore required for full-service bank.
Permission to banks for pricing farm loans below base rate should be withdrawn, the Mor report said. It also suggested that Aadhaar cards should be used automatically in opening a bank account.
‘By January 1, 2016 each resident above the age of 18 would have an individual, full-service, safe, and secure electronic bank account,’ Mor said in a report by the Committee on Comprehensive Financial Services for Small Businesses and Low-Income Households.
The panel, headed former ICICI Bank Executive Director Nachiket Mor, was set up by Raghuram Rajan on the day of his taking over as the RBI Governor, to suggest steps for promoting financial inclusion.
The committee advocated the setting up of ‘Payments Banks’ to ‘provide payment services and deposit products to small businesses and low-income households’ with a maximum balance of Rs 50,000 per customer. These banks can be set up with minimum capital requirement of Rs 50 crore, one-tenth of the Rs 500 crore required for full-service bank.
Permission to banks for pricing farm loans below base rate should be withdrawn, the Mor report said. It also suggested that Aadhaar cards should be used automatically in opening a bank account.
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