Indian MFIs lap up Narendra Modi’s financial inclusion drive, plan major expansion

Thursday, August 21, 2014

MUMBAI: Enthused by the Centre’s plan to open 7.5 crore bank accounts over the next few years, MFIs and other such financial institutions that are working in rural areas have charted out massive expansion plans.

The comprehensive financial inclusion plan was announced by Prime Minister Narendra Modi in his Independence Day speech.

The Microfinance Institutions Network (MFIN) with 2.5 crore rural customers in its fold is ready to support the comprehensive financial inclusion programme.

“The microfinance sector is keen to support the comprehensive financial inclusion programme of the Modi government,” MFIN president Samit Ghosh told PTI on the sidelines of a financial services summit, organised by newsportal VCCircle here today.

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