Financial Sector Reforms

The High Level Committee on Financial sector Reforms set up by Planning Commission has made wide ranging recommendations on a number of issues including macro-economic framework, broadening access to finance, levelling the playing field, creating more efficient markets, a growth-friendly regulatory environment and a robust infrastructure for credit. There are a total of thirty-five proposals identified by the Committee. Action has already been taken on some of these proposals which include freeing banks to set up ATMs anywhere, providing subsidies/cash transfers to the poor electronically under certain Government Schemes, liberalising the banking correspondent model so that a wide range of local agents can extend financial services and setting up a Unique Identification Authority of India (UIDAI) for creating unique national ID number for all citizens of the country. 

This information was given by Minister of State for Finance, Shri Namo Narain Meena in written reply to a question raised in Lok Sabha today.