Wealth of poor fascinates PM, asks RBI for financial inclusion roadmap

Jaitley promises credibility of decision-making, easing processes to make India's tax structure non-adversarial

GN Bureau | April 2, 2015


#prime minister   #Narendra Modi   #Arun Jaitley   #RBI   #Raghuram Rajan   #jan dhan yojana  


Prime minister Narendra Modi on Thursday asked the Reserve Bank India to prepare 20-year roadmap for financial inclusion while focusing on the success of the prime minister’s jan dhan yojan, which has Rs 14,000 crore deposits. The jan dhan yojana has made the country see the wealth of the poor. "We have only seen the prosperity of the rich but the Jan Dhan Yojana makes us see the wealth of the poor," said Modi.

Modi said he will meet RBI Governor Raghuram Rajan once in every two months and informed that the RBI has taken up the issue of financial inclusion in a very big way.

Speaking at the financial inclusion conference of the RBI in Mumbai, Modi asked banks to take a considerate view in lending to the poor."We should target to make paper and ink used to print Indian currency within the country as part of ‘Make In India’, he said.

He spoke on the farmers problems and said the farmers should not have to resort to suicides because of a lack of funds in a speech delivered in Hindi at an event on financial inclusion at the apex bank.

Over a dozen debt-laden farmers in the country have committed suicide in recent weeks, and discontent in many rural areas against government policies is turning into anger against Modi less than a year after he swept into office.

The Prime Minister also said that the RBI's thinking on financial matters was often quite similar to the government's.

Union Finance Minister Arun Jaitley, addressing the conference, said the government would restore the credibility of decision-making, while easing processes and making India's tax structure non-adversarial.  It reiterates government promises to make India more business- and investor-friendly.

Governor said the country's push to finance infrastructure should not override the need for financial stability. India is keen to ramp up infrastructure investment to help support economic growth, which will require a big push to fund projects.

RBI governor's speech: http://www.rbi.org.in/scripts/bs_viewspeeches.aspx

Comments

 

Other News

AAI signs MoU with Uttarakhand govt to strengthen civil aviation

The Airports Authority of India (AAI) has signed an agreement with Uttarakhand government and Uttarakhand Civil Aviation Development Authority (UCADA) to develop the civil aviation sector in the state.   The agreement is aimed to identify relevant factors influencing the deve

Agreements signed to purchase 1050 MW of wind power

Union minister of state for power, coal, new and renewable energy and mines, Piyush Goyal was present at the signing of power purchase agreements (PPAs) for purchase of 1050 MW of wind power under the ministry of new and renewable energy’s (MNRE) first wind auction scheme.  

Timely delivery

Government projects typically suffer from time overrun and cost overrun. There appears to be no project management discipline, and extension of time and escalation of cost rarely attract the kind of serious attention they should. There is no system of fixation of accountability for these substantial deviat

Do you think driverless cars would lead to unemployment in India?

Do you think driverless cars would lead to unemployment in India?

Rs 1,514 crore already spent on cleaning Yamuna

 The major reason for high level of pollution in river Yamuna is inadequate flow due to over extraction of surface and ground water and discharge of untreated effluent, union minister Vijay Goel informed the Lok Sabha on Monday. He said the water resources ministry is supplementing the effor

No central government scheme to run endlessly

 Centrally sponsored schemes will now onwards run for a fixed period of time, thanks to a sunset date. An outcome review will also be carried out.   In public policy, a sunset clause means that it shall cease to have effect after a specific date, unless further legislative/a





Video

कश्मीर पर तीसरे पक्ष की मध्यस्थता स्वीकार नहीं - महबूबा

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter