Govt to provide at least 2 bank accounts per household
01/08/2014
New Delhi: Finance Minister Arun Jaitley held his first meeting with all the heads of public sector banks and financial institutions Thursday on comprehensive financial inclusion agenda.
After his meeting with PSU banks, Arun Jaitley said Prime Minister Narendra Modi will launch formal campaign for financial inclusion.
Currently 58-59 percent of households have bank accounts and the govt wants at least 2 bank account holders per household, FM further said.
He also said that mobile banking will be made available on all kinds of mobile phones.
Comprehensive financial inclusion envisages providing all households in the country with banking services, with particular focus on empowering the weaker sections of society, including women, small and marginal farmers and labourers - both urban and rural.
In the Budget 2014-15 speech Jaitley had said: "To provide all households in the country with banking services, a time bound programme would be launched as Financial Inclusion Mission on August 15.
"It would particularly focus to empower the weaker sections of the society, including women, small and marginal farmers and labourers. Two bank accounts in each household are proposed to be opened which will also be eligible for credit," he had said.
In order to make this mission a success, the Department of Financial Services is organising an exhibition on August 11 to understand the available technologies to provide last mile financial services for bank accounts opening, card issuance and for providing online transaction services.
It has been estimated that about 15 crore accounts would be needed to cover all households under the plan.
The plan envisages a comprehensive coverage of all excluded households in the country by a 6-pillar approach including Universal access to banking facility, micro insurance and providing basic banking accounts with overdraft facility and RuPay Debit card with inbuilt accident insurance cover of Rs 1 lakh.
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