Modi will launch financial inclusion campaign: Jaitley

Prime minister Narendra Modi will launch the government's campaign for financial inclusion to ensure that 7.5 crore households that do not have access to banking have at least two accounts.

The efforts will also be made to introduce mobile banking on all kinds of phones, Finance Minister Arun Jaitley told reporters after meeting the heads of PSU banks here today.

"The intention is, in a mission mode, to have a formal campaign which will be announced by the Prime Minister and then throughout the country to have a campaign for inclusion. This campaign for inclusion will be at various layers," he said.

Elaborating on the concept, Jaitley said that in some areas where branches are possible, the regular brick and mortar branches will be created. "Where it is not possible, there smaller branches manned by one or two people would be created".

The layer below that will be kiosks, he said, adding that yet another layer below, will be ATMs and then the human contact through Business Correspondents.

"The objective is to reach every household possible and have at least two account holders in every house. Currently, financial inclusion and the reach of the banking systems extends to about 58-59% and therefore the dark areas which are not covered these include about 7.5 crore households," he said.

Jaitley, during the meeting, also discussed the possibility of exploring and expanding mobile telephony banking. Currently, it can be made available on smartphones, and effort is to extend it to all phones.

"In the course of next two years, we hope to make a considerable headway. The unit for contact is not a village, it is a person And therefore it is a higher level of ambition which we are trying to reach," the Minister said.

EDITORIAL OF THE DAY

  • RBI must join hands with IRDAI to stop misselling of insurance by banks

    Reserve Bank of India (RBI) governor Raghuram Rajan has observed in the annual report for 2015-16 released on Monday that the central bank will be foc

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Roopen Roy

Streaming indeed has a bright future

Woody Allen has turned 80. But his energy has not ...

Zehra Naqvi

How much land does a man need?

“When the blood in your veins returns to the sea ...

Dharmendra Khandal

Everything has its place in nature

Last week I was observing an injured animal, because of ...