News

Bank account for every Indian: Modi urges in his I-Day speech

by IBNS 14 Aug 2014, 09:10 pm

New Delhi, Aug 15 (IBNS): In his first Independence Day speech, Prime Minister Narendra Modi on Friday vowed to ensure bank accounts for all Indians.

He said the reason for farmer suicides is due to their inability to
pay back loans to money-lenders which they take at high rate of
interest.

“Why are our farmers committing suicide? It’s because they have to
take money at huge interest rates from the money-lenders,” Modi said.

The MP announced a ‘people wealth scheme’ (Jan Dhan Yogna) that will ensure even the poorest of the poor to have a bank account of their own.

“There are crores of families which have mobile phones but no bank accounts. We have to change this. Economic development must benefit the poor and it should start from here,” Modi said.

He said that under the ‘Jan Dhan Yogna’ when a person would open a bank account he would get a debit card. The family would also get an insurance cover worth Rs. 1 lakh.