Bank accounts to be opened for all poor: Modi

Prime Minister Narendra Modi Friday announced a scheme for opening bank accounts for "the poorest of the poor" and providing them insurance cover of Rs.100,000.

"Through the Pradhan Mantri Jan Dhan Yojana, we want to give the poorest of the poor bank accounts," Modi said while delivering his maiden Independence Day address from the Red Fort here.

"The Jan Dhan Yojana will give poor people insurance cover of Rs.1 lakh ," he added.