The Mor committee, a Reserve Bank of India (RBI) panel, has recommended that all Indians above 18 years of age should have full-service bank accounts by January 2016.

In its report on Comprehensive Financial Services for Small Businesses and Low-Income Households, the Mor committee has also suggested establishment of specialised banks and payments banks, to make sure that all citizens including low income households have bank accounts.

The Payments Banks will provide payment services and deposit products to small businesses and low income households with a maximum balance of INR50,000 ($803) per customer.

The committee has also recommended some changes in the present guidelines such as increasing the priority-sector lending target from 40% of net bank credit to 50%, and removing the farm-loan subsidies.

The report said banks must be required to freely price farm loans on the basis of their risk models and any subvention.

"And, the waivers deemed necessary by the government should be transferred directly to the farmers and not through interest subsidies or loan waivers," the report added.