India faces a major financial exclusion challenge. According to the 2011 World Bank Global Findex Survey, only 35% of Indian adults have access to a formal bank account and 8% borrowed formally in the last 12 months.

In view of the rigid sectoral targets and the absence of an active trading market for PSL assets, current PSL requirements force identical strategies from all banks, with little scope for specialisation.

The Mor Committee Report offers a radical take on client protection, built around the concept of a legal right to suitability.

In the below video Dr. Nachiket Mor articulates the RBI committee's vision for financial inclusion and financial deepening in India covering aspects of Universal Electronic Bank Account, Payments, Credit, Priority Sector Lending and Customer Protection.

On January 7th, 2014 the RBI published the Report of the Committee on Comprehensive Financial Services (CCFS) for Small Businesses and Low Income Households chaired by Dr. Nachiket Mor, which was set-up to articulate a framework for financial inclusion in India.

Since its release on January 7, it has been heartening to see the amount of debate and interest generated by the Report of the Committee on Comprehensive Financial Services, chaired by Dr. Nachiket Mor.

The Committee on Comprehensive Financial Services for Small Businesses and Low Income Households, set up by the RBI in September 2013, was mandated with the task of framing a clear and detailed vision for financial inclusion and financial deepening in India.

A few months earlier IDFC Foundation had prepared the "India Rural Development Report 2012/13" which provided a wide perspective on the rural landscape covering the Rural dynamics, Livelihoods, Inclusion, Infrastructure, Sustainability and a review of major central government rural programmes and schemes and, in particular, the flagship MGNREGA.

Our picks: 1)Appointment of Dr. Raghuram Rajan - In September Dr. Rajan took over as the 23rd governor of the Reserve Bank of India. If his opening speech is any indicator, his appointment could be one of the most important milestones for the Indian financial system.

Social Security is widely seen as a fundamental building block of a just and equitable society. While ideas of welfare, pension and charity have been with us since the times of the earliest civilizations, the modern concept of social security can arguably trace its origins to the aftermath of the industrial revolution.