Sampooran vittiyea samaveshan SVS

The upcoming independence daythe first under new Modi-led Government--

will see India launch an ambitious new financial inclusion plan that would seek to
bring banking services to 10 crore uncovered households
The aspiration is to provide universal access to banking facilities within a span of
one year and achieve financial inclusion for such 10 crore households by !ugust
1"# $01"
The comprehensive financial inclusion plan--to be called %ampoorn &ittiyea
%amaveshan '%&%(--will be launched at the hands of )rime Minister *arendra
Modi# official sources said
The main ob+ective of the plan will be to open $0 crore new bank accounts within a
span of one year--two bank accounts for each uncovered household
The novelty this time round is that one account has to be opened for a lady member
of the household
The contours of this ambitious financial inclusion plan were discussed by ,inancial
%ervices %ecretary G%%andhu at a meeting of Indian -anks !ssociation 'I-!( in
Mumbai recently# sources said
!s per census $011# only 1." crore out of the total $." crore households in the
country use banking services
The uncovered households is therefore pegged at 10 crore
The first phase '$01.-1"( of %&% will focus on providing universal access to
banking facilities
The second phase '$01"-1/( would include financial literacy programme# micro
credit availability and creation of credit guarantee fund for coverage of defaults in
such accounts and micro insurance
)lans are afoot to open two bank accounts including one for a lady member in each
of these uncovered 10 crore households
INCLUSION SPEND
This financial inclusion plan is to be undertaken on a mission mode basis and
involve spend of Rs. 1#000 crore in a span of one year to accomplish the set
targets
1hile *!-!23 will bring in 1#000 crore 'from a financial inclusion fund(# the
rest will come from banks
It would involve appointment of 40#000 new bank mitras 'business
correspondents(
5nder the new financial inclusion plan# every habitation will have access to
banking services within " kilometres by %eptember $01" e6cept hilly# tribal# forest
and desert areas
MONITORING SVS
! high powered panel headed by the ,inance Minister will monitor the progress
made and review the performance on a 7uarterly basis
The other members of the panel are 2-I Governor# ,inancial %ervices %ecretary
and 8hairman of ),23!# I23! and chief e6ecutive of Indian -anks !ssociation
BANK MITRAS
-esides fi6ed pay# bank mitras will also be provided a variable pay for account
opening# cash handling# micro insurance# micro pension# credit sourcing and
recovery
There is also a proposal to give incentives to bank mitras
Those bank mitras who complete three years of satisfactory service will be given
higher weightage in bank recruitment of clerical cadre