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  

Photo: PIB

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

I believe we are at crossroads, says deputy governor RBI

  Only a bank that fears losing its deposit base or incurring the wrath of its shareholders is likely to recognise losses in a timely manner. In many of our banks, such market discipline is simply not present at the moment, said RBI deputy governor Viral V Acharya.  

India improving rice variety for flood prone areas

Farmers would no longer have to fret when the surging river water inundates their fields as scientists are working on rice varieties that are hardy and would grow in fields which have been submerged by flash floods. Dr Nitendra Prakash of crop research station at Bahraich, Uttar Pradesh told

At 55.28% BMC sees highest voter turnout in 25 years

Mumbai recorded its highest ever turnout in the civic elections on Tuesday with 55.28% voters exercising their franchise. Voter turnout in R Central ward of Charkop-Borivali was 61.5% followed by 60

A mirage called disinvestment

The government is getting ambitious. It wants to divest some PSU shareholding and raise a staggering Rs 72,500 crore during the 2017-18 fiscal. The mood is upbeat among finance ministry mandarins due to the heartening performance of the exchange traded fund (ETF), a basket of 10 bluechip central public ser

Cash Donations: More opacity with legal backing too

While presenting the budget, the finance minister made an announcement about making donations to political parties more transparent. If the proposals to amend the relevant laws are approved by parliament, from April 2017 donations to political parties can be made in cash only up to Rs 2,000; payments of hi

Is UP headed for a hung assembly?

Is UP headed for a hung assembly?

Video

क्या बागी हो गए हैं वरुण गांधी?
Digital Transformation Summit

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter