Institutions can play key role in financial inclusion programmes: Finance Minister Arun Jaitley

NEW DELHI: Finance Minister Arun Jaitley today said leading institutions especially educational centres can play an important role in creating mass awareness about financial inclusion programmes.

While launching a financial inclusion initiative of Shri Ram College of Commerce (SRCC) titled 'Vittshala', he said the government has taken various steps in last two-and-a-half years to link every household with a bank account.

Under PMJDY, Jaitley said, the government has been able to open 240 million bank accounts and now except in certain remote and inaccessible areas, people have a bank account.

He further said that in 2015-16, a provision of Rs 1.20 lakh crore was made under MUDRA Yojana and it has been increased to Rs 1.80 lakh crore in the current Financial Year 2016-17.

Major beneficiaries under the Scheme were women and those from weaker sections of society, the FM added.

Under MUDRA, small traders, businesses and new entrepreneurs can have access to banking finance without security.

'Vittshala' is a Centre For Community Engagement (CCE) initiative, aimed at making communities equipped enough to manage financial resources effectively through community engagement, workshops, seminars and discussions.

Founded by a group of teachers and students, the Cell wants to create an impact through its well-planned, community-oriented projects, a Finance Ministry release said.

'Vittshala' will act as a multi-faceted programme involving peer-counseling, developing interactive apps and events to promote financial literacy.