Reserve Bank of India (RBI) has informed that it has reconstituted the Financial Inclusion Advisory Committee (FIAC) with the following terms of reference:

• Monitoring of the Financial Inclusion Plan progress submitted by banks and evaluation of its impact through conduct of study/surveys;
• Monitoring of the Financial Literacy progress reported by banks and evaluation of its impact through conduct of study/surveys;
• Preparation of National Strategy for Financial Inclusion which will be convergence of the Financial Inclusion efforts of various stakeholders including the PMJDY and monitoring of the progress made under the same.

 This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Rajya Sabha today.

Financial inclusion committee reconstituted to monitor bank inclusion and literacy plans and prepare a national strategy. Reconstitution of the Financial Inclusion Advisory Committee to monitor banks' Financial Inclusion Plans and Financial Literacy initiatives, evaluate their impact through studies and surveys, and prepare and monitor a National Strategy for Financial Inclusion converging stakeholder efforts.