RBI releases Report of the Committee on Comprehensive Financial Services - Angel Broking

The salient recommendations include Adjusted Priority Sector Lending Target of 50% against the current requirement of 40%, differential provisioning norms at each asset class level, creation of payment banks with restriction to hold up to Rs. 50,000 in deposit per customers. The committee further recommends only two categories of NBFC's - one for core investment companies and another for all other NBFCs. Overall to achieve financial inclusion committee recommends all Indians above 18yrs to have full service bank accounts, electronic payment access point for all Indians within 15mins of walk, credit to GDP ratio of 10% and total term life insurance (sum assured) to GDP ratio of 30% by 1st Jan 2016.

Source : Equity Bulls

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