India boosting banking sector support for SMEs

Sets-up committee for provision of comprehensive financial services.

The Reserve Bank of India, the central bank, said the committee will determine comprehensive financial services for small businesses and low-income households. The committee will be headed by Nachiket Mor, a member on the Central Board of Directors.

The committee will recommend a set of principles to guide the development of institutional frameworks and regulation for achieving financial inclusion. It will review existing strategies and develop new ones that address specific barriers to progress.

The committee has also been asked to develop a comprehensive monitoring framework to track progress of the financial inclusion and deepening efforts on a nationwide basis. The committee will submit its final report by December 31.