Maximising financial inclusion
With increase in financial inclusion and digitalization of banking, requirement of cash in the economy will reduce
The Pradhan Mantri Jan-Dhan Yojna (PMJDY) to provide universal access to banking and financial inclusion has now been formally launched. The scheme envisages provision of a bank account, a debit card, and accidental and life insurance cover up to Rs1.30 lakh for poor families. Further, the vision is to gradually move in a direction where the poor are able to operate their bank accounts from their mobile phones as mobile penetration is higher than financial services penetration.
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