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Business News/ Politics / Policy/  Narendra Modi to unveil mobile banking facility for basic cell phones on 28 August
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Narendra Modi to unveil mobile banking facility for basic cell phones on 28 August

Mobile banking facility to be launched with financial inclusion plan, PM's Jan Dhan Yojana

The Pradhan Mantri Jan Dhan Yojana will be launched in Delhi by Prime Minister Narendra Modi and simultaneously across various states. Photo: Hindustan TimesPremium
The Pradhan Mantri Jan Dhan Yojana will be launched in Delhi by Prime Minister Narendra Modi and simultaneously across various states. Photo: Hindustan Times

New Delhi: Prime Minister Narendra Modi will unveil a facility that will enable users to access mobile banking services on basic cell phones when he launches the government’s ambitious financial inclusion plan on 28 August, the finance ministry said in a statement.

Currently, mobile banking is limited to smartphones, phones that have computer-like functions.

To be sure, lack of Internet connectivity in rural areas is likely to be a hindrance for the expansion of mobile banking services.

The Pradhan Mantri Jan Dhan Yojana will be launched in Delhi by Modi and simultaneously across various states. The mission aims to provide access to banking facilities to all households in the next one year. In addition, customers will get access to an overdraft facility of 5,000 after six months of the account opening as well as RuPay Debit card with inbuilt accident insurance cover of 1 lakh.

Banks will open around 10 million accounts on Thursday itself after the launch of the scheme. The aim is to target around 70 million households in the country that do not have access to banking facilities.

According to Census 2011, 59% of the 246.7 million households across India have access to banking services—54% of the 167.8 million rural households and 67% of the 78.9 million urban households.

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Published: 27 Aug 2014, 11:27 PM IST
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