Tuesday, March 1, 2011

Banks to be rewarded for every no-frills account opened

To encourage the banks to open more and more no-frills accounts and to boost the Financial Inclusion Plan, Finance Minister Mr Pranab Mukherjee during his budget speech proposed to give Rs 140 to the respective bank for every no-frills account opened.

Mr. Mukherjee said "Financial support to the banks for opening 'no frills' accounts under Swabhiman Scheme as part of Financial Inclusion Plan Rs 50 crore (Budget estimate for 2011-12)."

No-frills accounts are meant for the individuals that have very basic banking requirements as such bank account provide very limited services. He also announced the launch of ‘Swabhimaan’, a multimedia campaign to spread awareness and to encourage people to open bank account.

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