Bank accounts for all Indian households, Modi government pledges
August 28 , 2014
Narendra Modi, India’s prime minister, is launching a scheme that aims to provide bank accounts to all households, reports said.
An estimated 40% Indians lack access to financial and banking services and many are exploited by unscrupulous money-lenders.
The Modi government has urged banks, both state and private, to help make the plan a success.
Experts say that though the scheme is ambitious, implementing it could be a challenge as many poor Indians lack the required identification papers to open an account.