RBI
Committee report of Mr Deepak Mohanty - RBI Committee on Medium term Path for Financial Inclusion headed by Shr. Deepak Mohanty has
released its report and recommendations on 28-12-2015 to increase financial
inclusion in India.
Chapter 5 of the report titled ‘Interest-Free
Banking: Reaching out to a wider base’ focuses on the importance of
Interest free banking system in depth and recommends Interest Free Windows in existing conventional
banks. The report highlights the central concept in interest-free banking and
finance is justice.
Recommendation 5.1
The Committee recommends that commercial banks in India may be enabled to open specialised interest-free windows with simple products like demand deposits, agency and participation securities on their liability side and to offer products based on cost-plus financing and deferred payment, deferred delivery contracts on the asset side.
The Committee recommends that commercial banks in India may be enabled to open specialised interest-free windows with simple products like demand deposits, agency and participation securities on their liability side and to offer products based on cost-plus financing and deferred payment, deferred delivery contracts on the asset side.
You
can read the report here: : https://rbi.org.in/scripts/PublicationReportDetails.aspx?ID=836#CH5
RBI
now seeks public comments and opinions in this regard. Kindly see the
following note from the Press Release of RBI regarding submitting comments on
the report:
"The Reserve
Bank of India has today placed on its website, the Report
of the Committee on Medium-term Path on Financial Inclusion (Chairman: Shri Deepak Mohanty). Comments may please
be emailed or
sent by post to the Principal Chief General Manager, Reserve Bank of India,
Financial Inclusion and Development Department, 10th Floor, Central Office
Building, Shahid Bhagat Singh Marg, Mumbai-400001 by January 29, 2016."
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