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Modi promises access to banking for India's poor

Reuters  |  NEW DELHI 

By Manoj KumarNEW DELHI (Reuters) - Prime Minister Narendra Modi promised on Friday greater access to financial services for nearly 500 million Indians who do not have a bank account, many of whom are now at the mercy of money lenders who charge extortionate interest.Even though India has grown to become Asia's third-largest economy, thousands of poor farmers commit suicide every year because they cannot repay loans."He takes a loan from a money lender that he cannot return and dies," Modi, 63, said in his Independence Day address. "For his daughter's marriage, a poor man takes a loan from ...

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First Published: Fri, August 15 2014. 11:09 IST
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