×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

25.1 mn no-frills accounts opened in last 2 yrs

25.1 mn no-frills accounts opened in last 2 yrs
Comment E-mail Print Share
First Published: Wed, Jul 15 2009. 11 47 PM IST
Updated: Wed, Jul 15 2009. 11 47 PM IST
Mumbai: Banks in India has opened 25.1 million no-frills accounts in the past two years, a study by New Delhi-based think tank Skoch Development Foundation shows.
No-frills accounts are typically zero-balance accounts aimed at the backward classes of the society but there are restrictions on how much money can be kept in such accounts and how many times funds can be withdrawn.
The study, titled, “National Study on Speeding Financial Inclusion,” collated primary research based on the organization’s grassroots experiences from several project sites and field visits and views from all stakeholders, the foundation said in a statement on Wednesday.
The study analyzed 28 financial inclusion pilot projects..
Comment E-mail Print Share
First Published: Wed, Jul 15 2009. 11 47 PM IST