Central Banking

RBI committee wants a bank account for every adult by 2016


Every Indian over the age of 18 should have an individual bank account by January 1, 2016, according to a committee appointed by the Reserve Bank of India (RBI).

The committee, which comprises 11 bank chiefs and is chaired by an RBI board member, said the current state of financial inclusion is "very poor" and "left a great deal to be desired" in a report released yesterday.

In an attempt to focus inclusion efforts, the committee set a host of targets and formulated a set of "design principles"

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