Jaitley meets bankers, says financial inclusion to get a push in layers

Written by fe Bureau | New Delhi | Updated: Aug 2 2014, 05:24am hrs
Finance minister Arun Jaitley on Thursday said Prime Minister Narendra Modi will launch the governments campaign for financial inclusion to ensure that 7.5 crore households without access to banking have at least two accounts.

Efforts will also be made to introduce mobile banking on all kinds of phones, he said. The intention is, in a mission mode, to have a formal campaign which will be announced by the Prime Minister. This campaign for inclusion will be at various layers, Jaitley said, although he did not give a timeline or launch date for such a campaign.

The finance ministers statement came after a meeting with the heads of all PSU banks.

Elaborating on the layers, Jaitley said in some areas where branches are possible, the regular branches will be built.

In places where regular branches wont be possible, smaller branches manned by one or two people will be built. The layer below that will be kiosks, he said, adding that yet another

layer below, will be ATMs and then banking correspondents for the most remote settlements. The objective is to reach every household possible and have at least two account holders in every house. At present, financial inclusion and the reach of the banking systems extends to about 58-59%, he said.