Modi Promises Access to Banking for India’s Poor

Friday, August 15, 2014

NEW DELHI — Prime Minister Narendra Modi promised on Friday greater access to financial services for nearly 500 million Indians who do not have a bank account, many of whom are now at the mercy of money lenders who charge extortionate interest.

Even though India has grown to become Asia’s third-largest economy, thousands of poor farmers commit suicide every year because they cannot repay loans.

“He takes a loan from a money lender that he cannot return and dies,” Modi, 63, said in his Independence Day address. “For his daughter’s marriage, a poor man takes a loan from the money lender that he cannot return.”

Source: The New York Times (link opens in a new window)

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banking, financial inclusion, financial services