Financial inclusion on Bihar veru bright

Banks will have to open two crore new accounts for which more branches would have to be set up, Modi told a seminar on 'Bihar: Banking on Inclusion' here.

At present, there were 4882 bank branches in Bihar, including 2750 in rural areas, he said.

The state government proposed to distribute pension and scholarships to beneficiaries, including 1.5 students of SC/ST and EBC categories, through banks as availability of funds should not be a problem for the banking institutions, he said.

Banks should also consider providing mobile banking and setting up more ATMs under the multi-channel delivery model, he said.

Modi urged banks in the state not to bother about loss of their loans as the repayment rate by borrowers has improved and the loans were safe.

He said that the state government has decided to distribute special E-Shakti identity cards online to all citizens above 18 years age at a cost of Rs 631 crore.