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New financial inclusion plan on the anvil

Of the two bank accounts, one will have to be compulsorily opened in the name of a woman member

BS Reporter  |  Hyderabad 

The Centre is planning to launch a new financial inclusiveness programme from August 15 making two bank accounts per family mandatory.

Of the two bank accounts, one account will have to be compulsorily opened in the name of a woman member of the family and it will have a Rs 5,000 overdraft facility.

Revealing this here today, Canara Bank chairman and managing director R K Dubey said the had already discussed the programme with the Reserve Bank of India (RBI) and a concept paper in this regard was already in circulation.

Terming the programme as the next level of the pursued by the banks, which had opened no frill accounts in villages with over 2,000 population in the first phase and with less than 2,000 population in the second phase.

He said more details were awaited as the is fine tuning the new programme.

First Published: Tue, July 15 2014. 20:35 IST
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