The correct answer is (a) Arvind Mayaram.
The Nachiket Mor committee was set up by the Reserve Bank of India (RBI) in February 2013 to recommend measures to promote financial inclusion in India. The committee submitted its report in October 2013. The report recommended the creation of payment banks as a new category of banks to promote financial inclusion.
The RBI accepted the recommendations of the Nachiket Mor committee and issued a circular on 19 November 2014, announcing the guidelines for setting up payment banks in India. The first payment banks were licensed in August 2015.
Payment banks are banks that are allowed to accept deposits and issue debit cards, but are not allowed to offer loans or credit cards. They are intended to provide basic banking services to the unbanked and underbanked population of India.
Arvind Mayaram was the Finance Secretary of India from 2014 to 2016. He was the chairman of the committee that recommended the creation of payment banks in India.
Y.V. Reddy was the Governor of the Reserve Bank of India from 2003 to 2008. He was not involved in the committee that recommended the creation of payment banks.
Bimal Jalan was the Governor of the Reserve Bank of India from 1997 to 2003. He was not involved in the committee that recommended the creation of payment banks.