India faces huge job in giving bank accounts to all | Bangkok Post: news

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India faces huge job in giving bank accounts to all

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Premier Narendra Modi has put a pledge to give bank accounts to all Indians on a war footing, but experts say taking banking to rural areas where many people have no identity papers will be a huge challenge. 

India's Prime Minister Narendra Modi delivers a speech to mark Independence Day in New Delhi, August 15, 2014

In developed nations, bank branches are everywhere. But banking services in India leave out nearly half the 1.2 billion population, putting poor people at the mercy of moneylenders who charge usurious interest for emergency loans for sickness or routine purchases such as buying seeds.

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