Government planning to expand mobile banking to achieve financial inclusion target The government is looking to expand mobile banking through all kinds of phones as part of its ambitious financial inclusion drive that will target 7.5 crore bank accounts by 2018. Prime Minister Narendra Modi will launch the mission that seeks to ensure two bank accounts per household. Theres a possibility of exploring and expanding mobile telephony banking, which is currently available on smart phones, on all kinds of phones... A detailed programme has been chalked out today by the secretary and officials of DFS in consultation with heads of the public sector banks, Finance Minister Arun Jaitley said after a meeting with public sector banks on financial inclusion on Thursday. The finance minister took stock of the financial inclusion programme and discussed the launch of a credit guarantee fund to cover overdraft facility of Rs 5,000 after completion of operations for one year, accidental insurance cover of Rs 1 lakh with Ru-Pay debit card, micro insurance and pension scheme with bankers. The intention is to have in mission mode a formal campaign, which will be announced by the PM, he said, adding that the programme will be run at various layers. He said in areas where branches are possible, the regular brick-andmortar branches will be put up. ...where its not possible, we will have smaller branches manned by one-two persons...The layer below that will be kiosks and yet another layer would be of ATMs... After that, there would be a layers of Business Correspondents. Their number is also going to be expanded hugely, he added. 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 system extends to about 58-59% and therefore the dark areas which are not covered include about 7.5 crore households, Jaitley said. The finance minister said the government is confident of considerable headway in the course of next two years. ...This is not the continuation of any old programme...There are many elements of the new programme. The unit of contact is not a village, its a person and therefore its a higher level of ambition which we are trying to reach. Hopefully, we should be able to announce a whole scheme within the timeframe which we have discussed today, launch it and achieve the target, Jaitley added. #FinancialInclusion #MobileBanking #PrimeMinister #NarendraModi #FinanceMinister #ArunJaitley #PublicSectorBanks #PSB
Posted on: Fri, 01 Aug 2014 11:30:00 +0000
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