Banks to open 70,000 accounts on Jan Dhan Yojana launch day

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    Banks to open 70,000 accounts on Jan Dhan Yojana launch day
    Banks are expected to open about 70,000 accounts on the first day of launch of Pradhan Mantri Jan Dhan Yojana by Prime Minister Narendra Modi on August 28, reported PTI.

    "All the banks have started preparatory work and the mega camp will be held on August 28," Financial Services Secretary G S Sandhu told media.

    "We are looking to open a large number of accounts. It would be between 60,000 and 70,000 accounts through mega camp. The accounts would be opened by both public and private sector banks," he said.

    The ambitious financial inclusion scheme was announced by the Prime Minister in his maiden Independence Day speech on August 15.

    The scheme, pushed by the government in a mission mode, seeks to provide two accounts to 7.5 crore identified households by August 2018. The first phase of the mission, starting this month, would end in August next year.

    The second phase will start from 2015 till 2018, covering aspects such as micro insurance and pension schemes like 'Swavlamban', added the media report.

    Some of the Phase II activities would also be carried out in Phase I.

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