Reserve Bank of India (RBI), on Monday, announced the setting up of a committee to frame clear plans and targets for enhancing financial inclusion across the country. The 13-member committee headed by Nachiket Mor, member on the apex bank’s central board will be submitting its final report by December 31, 2013.

“The Reserve Bank of India today announced appointment of a committee on comprehensive financial services for small businesses and low-income households under the chairmanship of Nachiket Mor,” RBI said in a statement.

The other members in the committee include — Bindu Ananth, president, IFMR Trust, Dr. Prakash Bakshi, NABARD chairman, Bharat Doshi, chairman, Mahindra & Mahindra Financial Services, AP Hota, MD & CEO, national payments corporation of India, Sunil Kaushal, CEO, Standard Chartered Bank India, Roopa Kudva, MD & CEO, CRISIL, besides a few others. Also, two executive directors of the apex bank S. Karuppasamy and Deepali Pant Joshi have been appointed the expert observers.

The committee will work on framing a detailed plan for strengthening financial inclusion in the country. In addition, it has been directed to lay down a set of guidelines for the development of institutional frameworks and regulation for financial inclusion, reviewing existing strategies and creating a robust mechanism to monitor the progress, the RBI said. The committee is required to submit its final report by December 31, 2013 following which the apex bank will take necessary action.

Financial inclusion has become an important objective of the government and its departments. Numerous steps have been taken in the last couple of years to ensure easy access to banking services across the country but progress has come only in terms of the number of accounts being opened and not the volume of transactions taking place in these accounts. Recently, RBI deputy governor Dr K C Chakrabarty had said that financial inclusion is not an option but a necessity adding that participation of banks was not enough to achieve this goal.