Set concrete targets for financial inclusion: Modi

Prime Minister Narendra Modi on Thursday urged the Reserve Bank of India to encourage financial institutions to set concrete targets for financial inclusion over the next 20 years.

Addressing a Reserve Bank conference on financial inclusion on the 80th anniversary of the central bank, Modi told the RBI to set goals on intermediate targets for the 150th birth anniversary of Mahatma Gandhi in 2019, for 75 years of Independence in 2022 and for the 90th and 100 years of RBI coming up respectively in 2025 and 2035.

According to the Prime Minister's Office, he said that along with economic and social parameters, there is need to think of a geographical parameter for the Pradhan Mantri Jan Dhan Yojana financial inclusion scheme.

"He said eastern India had immense economic potential, and the banking sector should recognize and plan for this," the PMO said.

"I come as a representative of the poor, underprivileged, marginalized and tribals. I am one among them. I seek on their behalf and trust you will not disappoint me," Modi said.

Maharashtra Governor Vidyasagar Rao, Chief Minister Devendra Fadnavis, union Finance Minister Arun Jaitley and RBI Governor Raghuram Rajan, among others, were present on the occasion.

The RBI is widely expected to leave the repo rate, at which it lends to commercial banks, unchanged at 7.50 percent at its first bi-monthly monetary policy review of the new fiscal on Tuesday.

--Indo-Asian News service

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