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IDBI Bank today announced it would open two lakh basic accounts as part of the recently floated national-level financial inclusion plan announced by Prime Minister Narendra Modi on Independence Day.
"IDBI Bank plans to open more than 2 lakh basic savings accounts under this plan, which will be launched by the Prime Minister on August 28," the city-based bank said in a release.
It may be noted that several policymakers have stressed upon the need to shift focus from account opening to using basic accounts for transactions.
Modi had announced the 'Pradhan Mantri Jan Dhan Yojana' during his maiden Independence Day speech.
The scheme aims to provide banking access to all citizens and also provide adequate credit to underprivileged sections of society.
Under the scheme, an account holder would be provided with passbook and a RuPay debit or ATM card which carries free accidental insurance cover of Rs 1 lakh, an overdraft of Rs 2,000 after satisfactory operation of the account for six months.
