Indian government to set up credit guarantee fund to support Rs 40,000-crore Financial Inclusion Mission

Thursday, July 17, 2014

NEW DELHI: The government will set up a credit guarantee fund to support its over Rs 40,000-crore new Financial Inclusion Mission, which envisages to give a Rs 5,000 overdraft facility to around 8 crore new account holders.

The scheme could also be extended to present account holders, which, according to initial estimates, may exceed over 15 crore accounts, thus putting a burden of over Rs 75,000 crore on the banking system.

Source: Economic Times India (link opens in a new window)

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banking, Base of the Pyramid, financial inclusion, government