Bank accounts with 17 crore people, Rs.20,000 core in deposits: Modi

Prime Minister Narendra Modi on Saturday said some 17 crore people untouched by any form of financial inclusion now had bank accounts, with deposits of Rs.20,000 crore, thanks to the scheme he announced exactly a year ago.

Addressing the nation on India's 69th Independence Day, the prime minister said these bank accounts have also fetched deposits of Rs.20,000 crore, even though the Jan Dhan scheme calls for zero balance in banks so that the poor were not deprived of access to the baking system.

"For the poor, the doors of banks were closed. I said this has to change. We wanted to strengthen financial inclusion," he said. "Bank accounts are essential for integrating the poor into the financial system. That's what we have done."

As regards the deposits of Rs.20,000 crore in these bank accounts, Modi said: "If this richness of the poor was not there, such a feat would no have been possible."

He also congratulated the banking system for making such a task possible. "Opening 17 crore bank accounts is a difficult task. I congratulate the bank staf."

Modi said no person wants to remain poor and those who live in poverty want to move away to achieved a better quality of life. "That is why, all our programmes must be for the poor."