The Financial Inclusion Advisory Committee will be conducted for the first time in December. The committee is headed by Mr. K C Chakrabarty, Deputy Governor of Reserve Bank of India.
In the second quarter review of monetary policy 2012-2012, it was mentioned the universal financial inclusion policy has been a priority for the Reserve Bank of India (RBI).
The monetary policy review which was released on October 30th mentioned, "The collective expertise and experience of the members will be leveraged to explore viable and sustainable banking service delivery models focusing on accessible and affordable financial services, developing products and processes for rural as well as urban consumers presently outside the banking network, and suggesting the appropriate regulatory framework to ensure that financial inclusion and financial stability move in tandem. The first meeting of the committee will be held in December 2012".
Earlier in April, 2012, the monetary policy mandated the State Level Bankers' Committees (SLBCs) to cover all the un-banked areas with population less than 2000 and banks should ensure to provide all the banking services at affordable rates.
The apex bank's statement also said that banks should furnish all the details regarding the financial inclusions to the respective regional offices of RBI by August end.