RBI releases Deepak Mohanty Panel’s report on Financial Inclusion

RBIweb-kDTB--621x414@LiveMintA committee set up by the Reserve Bank of India (RBI) to prepare a five-year financial inclusion strategy has suggested that all credit accounts be linked to a unique biometric identifier such as the Aadhaar unique identity number to help identify multiple loan accounts and prevent borrowers from becoming over-indebted.

The committee, in a report released on Monday, also recommended that short-term interest rate subvention, or subsidies, on crop loans be phased out and replaced with a crop insurance scheme for small and marginal farmers. Read More

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