Modi Urges RBI to Prepare a 20yr Roadmap for Financial InclusionBusiness News

April 02, 2015 17:27
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Prime Minister Narendra Modi today urged the Reserve Bank of India to prepare a 20-year roadmap for perfect financial inclusion in the country, while addressing a function to celebrate 80 years of the establishment of the Central Bank of India in Mumbai.

He wanted the RBI to set a target as to the level of financial inclusion it wants to see in the country. He lauded the contribution of RBI, and said “So, a roadmap on how the Indian banking system will reach the doorstep of the poor will have to be readied,” he mentioned that both the government and the RBI are same to track pertaining to the issues of economy.

“Cooperative banks, microfinance institutions, nationalised banks as well as the RBI should think in one direction (financial inclusion). This is possible,” he said.

During his speech he also came across the new flagship program called Pradhan Mantri Jan Dhan Yojana (PMJDY), where he pointed out that the program allowed the poor to open zero balance accounts, and they have shown their commitment and conscientiousness by depositing Rs. 14,000 crore by 41 per cent of the accounts those were opened under this program.

The PM pointed out that it was no small achievement that banks were able to open 14 crore bank accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY) since August 2014, with 41 per cent of the accounts collectively having a balance of Rs. 14,000 crore. He clearly appreciated the RBI and the banks, but also said that he is expecting more from these firms to see India as a ‘rich in all’ nation.

-Kannamsai

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