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

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