Committee on Comprehensive Financial Services for Small Businesses and Low Income Households: Report

This report outlines a set of design principles as well as a comprehensive monitoring framework that will guide the development of institutional frameworks and regulation for achieving financial inclusion in India. The report lays down a set of four design principles, namely, stability, transparency, neutrality, and responsibility. It also provides six vision statements for full financial inclusion and deepening in India, an analysis of their current status, and a discussion of relevant issues related to their implementation. The vision statements are:

• Universal electronic bank account;
• Ubiquitous access to payment services and deposit products at reasonable charges;
• Sufficient access to affordable formal credit;
• Universal access to a range of deposit and investment products at reasonable charges;
• Universal access to a range of insurance and risk management products at reasonable charges;
• Right to suitability.