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What is Urban Financial Inclusion Directive about?

The government has launched a campaign for urban financial inclusion. The department of financial services has directed all banks to open at least one bank account for every family living below the poverty line in urban areas, and to capture biometric information for account holders. This is aimed at cutting subsidy leakage by directly transferring subsidies like MNREGA wages and pensions into bank accounts. The government wants to limit total subsidies to 2% of GDP by preventing corruption and ensuring mon

Author

Anil Cletus

Language

EN