BANKING AFFAIRS

Detailed explanation-1: -The committee was head by Deepak Mohanty. Other members of the committee were: Ashok Gulati, Infosys Chair Professor for Agriculture, Indian Council for Research on International Economic Relations (ICRIER)

Detailed explanation-2: -The Committee on Financial Inclusion (Chairman: Dr. C. Rangarajan, RBI, 2008) explicitly included ‘timely and adequate credit at an affordable cost’ for vulnerable groups in the definition of the financial inclusion.

Detailed explanation-3: -Deepak Mohanty Committee, a committee constituted by RBI to study on Medium term path on financial inclusion, had recommended for exploring a system of professional credit intermediaries / advisors for MSMEs, which could help bridge the information gap and thereby help banks to make better credit decisions.

Detailed explanation-4: -It was tasked to suggest plan on several components with regard to payments, deposits, credit, social security transfers, pension and insurance. Augment the government social cash transfer in order to increase the personal disposable income of the poor.

Detailed explanation-5: -The committee, put together and chaired by Rajan, consisted of twelve members from across the public and private sectors. The members were: Raghuram G. Rajan, Professor, Graduate School of Business, University of Chicago (Chairman)