Indian PM asks banks to make financial inclusion a national priority

Tuesday, August 26, 2014

Prime Minister Narendra Modi on Monday asked banks to make the opening of bank accounts in 70 million householdsthis year a national priority. The national mission on financial inclusion, called Pradhan Mantri Jan Dhan Yojana, will be launched by Modi on Thursday.

In an email to all bank officers, the prime minister described the task as “gigantic”, but asked banks to put in all their efforts to make sure no one was left without a bank account.

“We need to enroll over 70 million households and open their accounts. This is a national priority and we must rise to meet this challenge. There is an urgency to this exercise as all other development activities are hindered by this single disability. I am sure we will overcome this situation collectively,” he said.

Source: Business Standard (link opens in a new window)

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banking, financial inclusion, government