Saturday, Oct 25, 2014

Now, two bank accounts per family

FM Arun Jaitley in his Budget speech announced the proposal to provide all households in the country with banking services. (PTI) FM Arun Jaitley in his Budget speech announced the proposal to provide all households in the country with banking services. (PTI)
ENS Economic Bureau | New Delhi | Posted: July 12, 2014 1:22 am | Updated: July 12, 2014 9:35 am

The NDA government’s drive for financial inclusion has targeted 15 crore beneficiaries in the first year of its roll out by providing two bank accounts to every household in the country.

“Ideally, two adults in a family — a husband and wife, will be given a bank account each,” said GS Sandhu, department of financial services.

Each account would be provided an over draft facility of Rs 5,000 as well as a RuPay debit card with a personal accident insurance cover of Rs 1 lakh.

Finance minister Arun Jaitley had, in his Budget speech on Thursday, announced the proposal “to provide all households in the country with banking services, a time bound programme would be launched as Financial Inclusion Mission on 15 August this year.”

The accounts will also be linked to cash transfers under the direct benefit transfer scheme as well as payments for the MGNREG Scheme.

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