Jaitley to meet heads of PSU banks tomorrow

Tags: News
Finance Minister Arun Jaitley will hold his first meeting with all the heads of public sector banks and financial institutions on comprehensive financial inclusion agenda tomorrow.

"The Finance Minister would be meeting heads of banks on July 31 to push financial inclusion agenda announced in the Budget 2014-15," said a source.

Comprehensive financial inclusion envisages providing all households in the country with banking services, with particular focus on empowering the weaker sections of society, including women, small and marginal farmers and labourers - both urban and rural.

Other issues like lowering of interest rate, bad loans, credit to farm sector and financial performance may come up for the meeting, sources said.

In the Budget 2014-15 speech Jaitley had said: "To provide all households in the country with banking services, a time bound programme would be launched as Financial Inclusion Mission on August 15.

"It would particularly focus to empower the weaker sections of the society, including women, small and marginal farmers and labourers. Two bank accounts in each household are proposed to be opened which will also be eligible for credit," he had said.

In order to make this mission a success, the Department of Financial Services is organising an exhibition on August 11 to understand the available technologies to provide last mile financial services for bank accounts opening, card issuance and for providing online transaction services.

It has been estimated that about 15 crore accounts would be needed to cover all households under the plan.

The plan envisages a comprehensive coverage of all excluded households in the country by a 6-pillar approach including Universal access to banking facility, micro insurance and providing basic banking accounts with overdraft facility and RuPay Debit card with inbuilt accident insurance cover of Rs 1 lakh.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Sebi must not be lax in weeding out mutual fund houses

    Last May, capital market regulator Securities and Exchange Board of India (Sebi) amended the Sebi (mutual funds) regulations, 1996, directing all fund

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Kumar Jain

Customer orientation needs human touch

In the mid-1990s, while researching drivers of corporate excellence, we ...

Kuruvilla Pandikattu SJ

Can religion help us protect our planet?

Though not factually true, in popular imagination, the relationship between ...

Shona Adhikari

Pop art is truly a feast for the eyes

The internationally reknowned Bruno Art Group’s presence in India had ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture