All citizens will have account by 2016: RBI
By Vaibhav Aggarwal
Jan 8, 2014
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In order to ensure that all the citizens have bank account by 2016, RBI panel is planning to make some changes in the extensive banking structure. RBI is planning to initiate a specialized bank that will serve the low income groups.

They are trying that customers can avail the facility of withdrawal, deposit within their vicinity, i.e. they can access facility within 15 minutes walking distance. They are aiming that all the citizens above 18 yrs have bank account by 2016.

Much more measures were suggested by the panel to promote financial inclusion like aadhar card must be automatically linked with the users account, establishing ‘payment banks’ that will serve small and low income household with deposit products. Further the banks would not be allowed to price agricultural loan below the base rate.

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