The Government has constituted a “Committee on Financial Inclusion”, under the Chairmanship of Dr. C. Rangarajan, Chairman, Economic Advisory Council to Prime Minister. The Committee has submitted its Interim Report. |
Based on its recommendations, two funds, viz, a “Financial Inclusion Fund”, with NABARD for meeting the cost of developmental and promotional interventions and a “Financial Inclusion Technology Fund”, to meet the costs of technology adoption, are to be constituted. Each Fund envisages an overall corpus of Rs. 500 crore, with initial funding to be contributed by the Central Government, RBI and NABARD.