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Govt to expand mobile banking

The government is looking to expand mobile banking through all kinds of phones as part of its ambitious financial inclusion drive that will target 7.5 crore bank accounts by 2018.  Prime Minister Narendra Modi will launch the mission that seeks to ensure two bank accounts per household. Finance minister Arun Jaitley said there’s a possibility of exploring and expanding mobile telephony banking, which is currently available on smart phones, on all kinds of phones… A detailed program has been chalked out by the secretary and officials of department of financial services in consultation with heads of the public sector banks, he added, speaking after a meeting with CEOs of public sector banks on financial inclusion. Jaitley took stock of the financial inclusion program and discussed the launch of a credit guarantee fund to cover overdraft facility of Rs 5000 after completion of operations for one year, accidental insurance cover of Rs 1 lakh with Ru-Pay debit card, micro insurance and pension scheme with bankers. The finance minister said the government is confident of considerable headway in the course of next two years.

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