Indian Government to launch a new program of Financial Inclusion to provide Households with Facilities of Savings, Credit, Remittances, Insurance & Pension MUST WATCH THIS MUSICAL SHORT FILM ON FINANCIAL INCLUSION & BANK ACCOUNTS
The Union Finance Minster Shri Arun Jaitley on 31st July 2014 has announced that the Government is going to launch a new program of Financial Inclusion in Mission Mode which will provide households with facilities of savings, credit, remittances, insurance and pension among others. He said that this is a marked shift from earlier effort where only opening of account was the focus of the financial inclusion drive.
The Finance Minister Shri Jaitley further said that this time the Government is targeting the individual households rather than the village. He said that there are 7.5 crore households in the country who do not have bank account so far. The Finance Minister said that the Government is targeting that every village should get a banking facility within a reasonable distance and that every household should have at least one bank account within the time frame of one year. This is a big challenge and there are several difficulties like lack of connectivity and infrastructure facilities etc, the Minister added.
The Finance Minister Shri Jaitley said that people need to understand the importance of availing financial services which will enable them to participate in the growth story. Therefore, financial literacy will receive a special emphasis in this new programme of financial inclusion.
The Financial Inclusion Mission has two phases starting from 15th August this year. The first phase will get over by 14th August, 2015 and the second Phase by 14th August, 2018. Most of the activities will be done in Phase – I and insurance and pension would be covered in Phase – II.
The Finance Minister Shri Jaitley said that there was no pull factor in the earlier campaign where people could demand access of banking facilities in their villages. He added that under the Mission, there would be awareness generation amongst the people so that they can ask for opening of their bank accounts by the banks and the business correspondents.
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