NEW DELHI: The NDA government has drafted a new financial inclusion plan that aims to open 7.5 crore bank accounts in rural and urban areas and extend financial services to all citizens by August 15, 2018.
An official familiar with the deliberations told ET that the 600,000-odd villages in the country will be split into smaller service areas and assigned to banks, which in turn will provide at least one fixed banking point for every 1,000-1,500 households.
An official familiar with the deliberations told ET that the 600,000-odd villages in the country will be split into smaller service areas and assigned to banks, which in turn will provide at least one fixed banking point for every 1,000-1,500 households.
Many hurdles for poor before opening a bank account
NEW DELHI: Shishir Pandit, who works as a domestic help, has gone back to using relatives to deliver his monthly salary to his parents in a village in Bihar's Sitamarhi district.
Although Pandit has a bank account in a branch close to his village, the Noida branch of one of the largest public sector banks where he has gone to deposit cash, refuses to accept payments.
"My plea to deposit cash was usually turned down as officials in the branch said they didn't have time for customer who don't have an account in their branch. So, I have to go back to the old ways," says Pandit, and several others like him.
But depositing cash is not his only concern. In Sitamarhi, when Pandit's father went to withdraw cash from the branch he was asked to cough up a cut, much like the postman did, while delivering money sent through a money order.
While the BJP government is launching an ambitious programme to target 15 crore new accounts, Pandit says it is crucial to addres ..
Although Pandit has a bank account in a branch close to his village, the Noida branch of one of the largest public sector banks where he has gone to deposit cash, refuses to accept payments.
"My plea to deposit cash was usually turned down as officials in the branch said they didn't have time for customer who don't have an account in their branch. So, I have to go back to the old ways," says Pandit, and several others like him.
But depositing cash is not his only concern. In Sitamarhi, when Pandit's father went to withdraw cash from the branch he was asked to cough up a cut, much like the postman did, while delivering money sent through a money order.
While the BJP government is launching an ambitious programme to target 15 crore new accounts, Pandit says it is crucial to addres ..
Govt to provide at least 2 bank accounts per household-Zee News
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.
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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