By the Independence Day in 2018, govt. is planning to open 7.5 crore new bank accounts in the rural and urban areas. The basic motive of the govt. is to expand banking all over the country. It has been reported that 6,00,000 villages in the country will be divided in to smaller parts and assigned to banks, which in turn will provide at least one fixed banking point for every 1,000-1,500 households. Through the financial inclusion plan govt. is trying to make banking accessible to all and to impart financial literacy.
Within 5kms of every household, there should be bank catering to the services of the customers. The new plan is made covering all the shortcomings of the previous plan. The plan also seems to cover all the under privileged households specially those in the rural and semi urban areas.