Mumbai: India has managed to achieve its first phase of financial inclusion by opening bank accounts for more than 7.5 crore families a month ahead of schedule and inching closer to ensuring accounts to all 24 crore families in the country, finance minister Arun Jaitley said. He also reiterated the government’s resolve to pursue its economic agenda, promising that the government will not take any step that will send a “contrasting signal."

“There are about 24 crore families in India and only 58% of them have access to banking. We had targeted reaching 7.5 crore families by 26 January but we have exceeded that target in December," Jaitley said while speaking at the 60th anniversary celebrations of ICICI Bank Ltd.

Jaitley was referring to the Pradhan Mantri Jan Dhan Yojana (PMJDY), announced by Prime Minister Narendra Modi on 15 August which aimed at opening at least two accounts per household for 7.5 crore households which have not been touched by formal financial services. The accounts included a debit card, free life and accident cover and a 5,000 crore overdraft.

“These accounts have been opened for the weakest sections of India. A large part of the population is outside the banking system and if these people can be brought into the system, we can match the Chinese growth rate," Jaitley said.

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