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 plans development of Lucknow, Deoghar, Rajkot and Allahabad airports

The airports at Lucknow, Deoghar, Rajkot and Allahabad would be spruced up by Airports Authority of India to improve and develop infrastructure to meet growing traffic demands. The authority plans to construct a new integrated passenger terminal building at Chaudhary Charan Singh Internation

Housing for all: A realisable dream

The Indian constitution states that “the state shall strive to promote the welfare of the people, protecting as effectively as it may a social order in which justice, social, economic and political for all.” It is on these basic values that India continues to endeavour to provide its people bas

Why judicial reforms matter

Two path-breaking judgments by the Supreme Court on privacy and triple talaq were a reminder of how much we have begun to rely on the judiciary to make sense of a conflicted world. Seventy years after Independence, India’s judiciary has many accomplishments to its credit. A large judicial infrastruct

Sail supplies 80% steel for Sardar Sarovar project

Maharatna enterprise Steel Authority of India Limited (SAIL) has said that it supplied 80 percent steel required for construction of the Sardar Sarovar Project unveiled by prime minister Narendra Modi.    SAIL supplied around 85,000 tonnes of steel for the entire Sardar

Why university and college teachers are unhappy across the country

College and university teachers all across the country seem too much worried about the policy shift with respect to their pay and regulations from centre to states. Therefore, they may be gearing up for an indefinite movement in the coming days, a situation that was built only during the previous regime of

Sardar Sarovar saga reaches closure, finally

After a long wait of almost half a century, filled with more twists and turns than the river Narmada’s, the Sardar Sarovar project is finally complete.   Prime minister Narendra Modi dedicated the multipurpose project to the nation on Sunday, which also happened to be h



Video

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter