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In 2006, Manish combined low-cost innovation aligned with customer ability and skill sets, the lack of infrastructure in India and the radical move by RBI to permit Business Correspondents to solicit and service customers, to successfully deliver banking services for the micro-segment (below poverty line population) along with business ...
The Act gives the RBI the power to license banks, have regulation over shareholding and voting rights of shareholders; supervise the appointment of the boards and management; regulate the operations of banks; lay down instructions for audits; control moratorium, mergers and liquidation; issue directives in the interests of public good and on ...
Committee on Comprehensive Financial Services for Small Businesses and Low Income Households (commonly known as the Nachiket Mor Committee) [1] was an expert committee formed by Raghuram Rajan on 23 September 2013, [2] after he was appointed as the governor of the Reserve Bank of India (RBI). It was headed by Nachiket Mor.
The committee comprises six members – three officials of the Reserve Bank of India and three external members nominated by the government of India. They need to observe a "silent period" seven days before and after the rate decision for "utmost confidentiality". The governor of the Reserve Bank of India is the chairperson ex officio of the ...
The Reserve Bank of India (RBI) tended to this issue by creating the post of a banking correspondent (BC). [26] The role of a BC is to act as an interface between the bank and its customers in places where traditional banking is not feasible.
The preamble of the Reserve Bank of India describes the basic functions of the reserve bank as: [13]...to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage; to have a modern monetary policy framework to meet the challenge of an increasingly complex ...
To implement these recommendations, the RBI in Oct 1998, initiated the second phase of financial sector reforms by raising the banks' capital adequacy ratio by 1% and tightening the prudential norms for provisioning and asset classification in a phased manner on the lines of the Narasimham Committee-II report. [27]
On 17 July 2014, the RBI released the draft guidelines for payment banks, seeking comments for interested entities and the general public. [7] On 27 November, RBI released the final guidelines for payment banks. [8] In February 2015, RBI released the list of entities which had applied for a payments bank licence. There were 41 applicants. [9]