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The committee would look into comprehensive financial services for small businesses and low-income households, frame a set of principles for achieving financial inclusion, review existing strategies and develop new ones for financial inclusion. It would also come up with a comprehensive framework to track the progress of efforts in this field. It would give its report by December 31.
This would probably be the first time Pandit, who had steered Citigroup during the financial crisis of 2008-09, would be part of an RBI-appointed panel. He was appointed Citigroup’s chief executive in 2007. He quit the bank in 2012, following disagreement with the board over group strategy and performance.
Recently, he made a strategic investment and bought minority stake in JM Financial, which has applied for a new banking licence. If the company is granted a licence, Pandit would be appointed its non-executive chairman.
Members of the committee on financial inclusion include Ramesh Ramanathan, who promoted microfinance institution Janalakshmi Financial Services. The micro lender is one of the 27 companies that have applied for a banking licence.
Nachiket Mor, central board member of RBI, would chair the panel, which also has bankers such as Shikha Sharma (chief executive of Axis Bank), Sunil Kaushal (chief executive of Standard Chartered Bank in India) and S S Mundra (Bank of Baroda’s chairman and managing director). Other members include IFMR Trust President Bindu Ananth, National Bank for Agriculture and Rural Development Chairman Prakash Bakshi, Mahindra & Mahindra Financial Services Chairman Bharat Doshi, National Payments Corporation of India Managing Director A P Hota, CRISIL Managing Director Roopa Kudva, AZB Managing Partner Zia Mody and RBI Principal Chief General Manager A Udgata.
S Karuppasamy and Deepali Pant Joshi, the central bank’s executive directors, are expert observers in the panel.
On his first day as RBI governor, Raghuram Rajan had announced such a committee would be set up.
