NEWS & ADVICE : SAVINGS ACCOUNTS
Govt. wants everyone to have a savings account
By Vaibhav Aggarwal
Jul 9, 2014
Print    Email    RSS   

The Prime Minister of the country Mr. Modi has asked the PSU banks to open 200 million accounts within a year. The banks must open 200 new accounts from 15 august, 2014 onwards. This is to ensure that every citizen holds a savings account.

According to reports it was noticed that Of the 246.7 million households in the country, 144.8 million have access to banking. The govt. will set up a panel to monitor the progress of this task that will include the finance minister, the Reserve Bank of India governor and the chairmen of the Insurance Regulatory Development Authority. It will also be ensured that there is bank within 5 km of every house by the end of next fiscal year. In 2013, 14 state-run banks set up 7,840 branches across the country, one in four in the countryside.

There is also a proposal to set up a credit guarantee fund to cover defaults from such borrowers. Besides, insurance up to Rs 50,000 will be provided. Banks will also increase their services by establishing more number of full fledge branches across the several parts of the country including rural areas.


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Carnival of Indian Personal Finance Blogs #4
Savings account portability: How...
Carnival of Indian Personal Finance Blogs #3
12 point conduct checklist for bank and...
Carnival of Indian Personal Finance Blogs #6


balace enqury of my account no446602010005978
MY A/C NO IS 080510100074220KOILKUNTLA ANDRABANK...
i am shivakumar T kattimani i want account stetament...
Hi sir/madem kya mujhe marksheet par loan mil sakta...
balance check
account details

NEWS THIS WEEK
HDFC bank adjudged as the Best private bank in India Feb 16, 2015
HDFC reported an increase of 20% in its net profit Feb 16, 2015
ICICI bank launched Flash remit facility Feb 13, 2015
BOM launched new savings deposit scheme for HNI customers Feb 12, 2015
BMB bank to have a total of 80 branches by the March end. Feb 10, 2015
News Archive