Narendra Modi government to pay banks fee for pursuing financial inclusion plan in India

Monday, August 18, 2014

MUMBAI: Government has agreed to give banks some commission for pursuing the financial inclusion plan announced by the prime minister on the Independence Day.

Narendra Modi launched Pradhan Mantri Jan Dhan Yojana wherein every household in rural India will have access to bank account and Rupay debit card with Rs 1 lakh insurance cover. At present, nearly 60% of Indian population does not have access to formal banking service.

Although PM did not elaborate on the details of the financial inclusion scheme, bankers say that the scheme envisages that one individual from every household has a bank account by 2016.

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

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banking, financial inclusion, government