RBI has taken the lead in this regard. A new policy framework has been designed by the RBI following the report of the Nachiket Mor Committee. The Committee recommended four design principles and advocated multiple models and partnerships. They also recommended differentiated banks. The Prime Minister’s Jan Dhan Yojana, the National Mission for Financial Inclusion, gave a boost to the implementation of the recommendations.
In July 2015, the RBI constituted a Committee to formulate a Medium-Term Path on Financial Inclusion at the Prime Minister’s suggestion to take the lead in encouraging financial institutions and to set a medium- to long-term target for sustainable inclusion. The Committee has representation from academia, bankers, the Bill Gates Foundation and other parties.