Advertisement

HindustanTimes Thu,17 Apr 2014

Greece votes budget, hopes to unlock aid

Mahua Venkatesh, Hindustan Times  New Delhi, November 12, 2012
First Published: 22:39 IST(12/11/2012) | Last Updated: 22:40 IST(12/11/2012)

Finance minister P Chidambaram has directed government banks to focus on adding new no-frills bank accounts to include the urban poor who have no banking access.

Advertisement

Until now, banks have been focusing on financial inclusion in the rural areas. Now they have been asked to chalk out a strategy to ensure that there is at least one bank account for one family that categorises as "poor" in the metros, said a senior government official.

"Financial inclusion drive has been rural centric till now. However, there is a sizeable poor population in the metros, who migrate to big cities, but the issues remain same. This needs to be addressed," said the official.

Banks are required to provide a status report on financial inclusion to the finance ministry on the number of no-frill bank accounts being added.

"Financial inclusion is one of the most important projects and it is necessary to look at the migrant workers as well and provide them a cushion," he said. 

The government has stressed the need to expand the scope of financial inclusion covering the entire gamut of financial services pertaining to savings, credit, insurance and even housing to achieve an inclusive model for growth.

Advertisement
more from Business

Ranbaxy: From industry poster boy to problem child

For Ranbaxy Laboratories, which is nursing a welter of festering wounds from run-ins with regulators to employee exits and penalties for felonies, a change in ownership marks yet another milestone in its nearly five-decade old history.
markets
Advertisement
Most Popular
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved