Every Indian resident over 18 years to have a bank account by January 2016 ! – RBI
Posted on: 08/Jan/2014 3:40:59 PM
The Reserve Bank of India is proposing to set up special banks for low income groups to facilitate every Indian resident over 18 years of age to have a bank account.
The banks will be conveniently located within 15 minutes walking distance to allow deposits, withdrawals, and payments.
This is as per the report by the Committee on Comprehensive Financial Services for Small Businesses and Low-Income Households. This panel was set up by the Reserve Bank Governor, Mr. Raghuram Rajan on the day of taking over. The maximum balance can be Rs. 50,000/-.
These banks are set up at a cost of Rs. 50 Crores (as compared to the Rs. 500 Crores for the fully-functioning banks). ‘Aadhar’ card will be used for opening the account.
