Ministry’s scepticism, Aadhaar issues hang over Nachiket Mor financial inclusion plan in India
Wednesday, March 26, 2014
The finance ministry has questioned the practicality of some recommendations made by a panel formed by the Reserve Bank of India (RBI) to promote financial inclusion, including a 1 January 2016 deadline it has set for making an Aadhaar-linked bank account available to every adult Indian.
The panel headed by Nachiket Mor, a member of RBI’s central board, released the report on 7 January and the central bank sought public feedback on it until 24 January. Three months on, the central bank hasn’t followed up on any of its proposals.
“(There are) many loose ends that need tying up. Problem (is) compounded by some simplistic assumptions too,” financial services secretary Rajiv Takru said about the Mor panel’s report, when asked if its recommendations were workable.