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Fast forward>> Financial Inclusion and Financial Deepening - Mor Committee makes its recommendations
What the need now is to draw an elaborate yet granular implementation plan spread over a realistic time frame?
Multiplicity of policies and frameworks without addressing the target segment in a very focused manner may not yield the desired results. Else it will remain an unfinished process or turn into an "on the paper inclusion". There is need realign some of the policies or even dovetail the various policies aspiring to achieve "inclusive growth" for our country? This may surely be a step forward to achieve “true & lasting financial inclusion” and may contribute to creation sustainable food and nutritional security for the country.
While there are quite a few areas which needs to addressed especially from implementation point of view and creating synergy amongst the various policies and institutions, the Mor Committee on “Comprehensive Financial Services for Small Businesses and Low Income Household” has put forth many forward looking ideas. Implementation remains the key.
In brief the terms of committee on “Comprehensive Financial Services for Small Businesses and Low Income Household” was to frame and articulate a clear and detailed vision for financial inclusion and financial deepening in India, establish a set of design principles; and to address the specific barriers to ensure full achievement of the vision. The report packs a lot of recommendations for fast forwarding financial inclusion and financial deepening.