BANKING AFFAIRS

Detailed explanation-1: -Q. Who headed the committee to evaluate the license applications for Payment banks? Notes: In 2015, RBI formed an external advisory committee (EAC) headed by Nachiket Mor would evaluate the license applications. Total 41 applicants had applied for the license.

Detailed explanation-2: -In February 2015, RBI released the list of entities which had applied for a payment bank licence. There were 41 applicants. It was also announced that an external advisory committee (EAC) headed by Nachiket Mor would evaluate the licence applications.

Detailed explanation-3: -The Nachiket Mor committee was headed by Nachiket Mor. This committee was formed by former Reserve Bank of India Governor Raghuram Rajan in 2013. This committee is also known as the Committee on Comprehensive Financial Services for Small Businesses and Low Income Households.

Detailed explanation-4: -The external advisory committee headed by Nachiket Mor submitted its findings on 6 July 2015. The applicant entities were examined for their financial track record and governance issues. On 19 August 2015, the Reserve Bank of India gave “in-principle” licences to 11 entities to launch payments banks.

Detailed explanation-5: -It was headed by Nachiket Mor. The objective of the panel was to study various aspects of financial inclusion in India.