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Big bang start: Record 1.5 crore bank accounts opened in a day
NEW DELHI: Prime Minister Narendra Modi on Thursday launched one of the biggest financial inclusion programmes calling for an end to "financial untouchability" and urged banks to connect every person across the country.
Spreading the banking net wide is one of the key policy focus areas of the Modi administration and the launch of the scheme within 100 days of the government signals its commitment to take on the challenge of executing mega programmes.
The Jan Dhan Yojana, the massive financial inclusion drive, aims to open 7.5 crore bank accounts and provide banking facility to the vast segment of the population which still remains cut off from the financial system. Under the scheme, a person opening an account will get a Rupay debit card, a Rs 1 lakh accident insurance policy as well as a Rs 30,000 life insurance cover.
The facility of an overdraft would be added to the accounts after keeping a watch on the credit history and operation of the accounts for six months. The government had to defer the facility as banks had expressed concern over the move.
"If Mahatma Gandhi worked to remove social untouchability, if we want to get rid of poverty, then we have to first get rid of financial untouchability," Modi said in his extempore speech which drew loud applause from the audience. "We have to connect every person with the financial system. And for that this programme has been given impetus," he said, adding, "when a bank account is opened, it's a step towards joining economic mainstream."
Big bang start: Record 1.5 crore bank accounts opened in a day - The Times of India
NEW DELHI: Prime Minister Narendra Modi on Thursday launched one of the biggest financial inclusion programmes calling for an end to "financial untouchability" and urged banks to connect every person across the country.
Spreading the banking net wide is one of the key policy focus areas of the Modi administration and the launch of the scheme within 100 days of the government signals its commitment to take on the challenge of executing mega programmes.
The Jan Dhan Yojana, the massive financial inclusion drive, aims to open 7.5 crore bank accounts and provide banking facility to the vast segment of the population which still remains cut off from the financial system. Under the scheme, a person opening an account will get a Rupay debit card, a Rs 1 lakh accident insurance policy as well as a Rs 30,000 life insurance cover.
The facility of an overdraft would be added to the accounts after keeping a watch on the credit history and operation of the accounts for six months. The government had to defer the facility as banks had expressed concern over the move.
"If Mahatma Gandhi worked to remove social untouchability, if we want to get rid of poverty, then we have to first get rid of financial untouchability," Modi said in his extempore speech which drew loud applause from the audience. "We have to connect every person with the financial system. And for that this programme has been given impetus," he said, adding, "when a bank account is opened, it's a step towards joining economic mainstream."
Big bang start: Record 1.5 crore bank accounts opened in a day - The Times of India
