DHAKA: India prime minister Narendra Modi is expected to unveil an ambitious financial inclusion scheme on Independence Day on Friday to provide bank accounts to 15 crore poor persons with an overdraft facility of Rs 5,000 and accident insurance of Rs 1 lakh.

The-two phase ‘financial inclusion mission’, which has been approved by the Cabinet, will be formally launched by Modi here at the end of this month, sources said.

The government is gearing up to operationalize the scheme across the country on August 28 or 29, they added, reports The Times of India.

The scheme, to be pushed by the government in a mission mode, seeks to provide two accounts to 7.5 crore identified households by August 2018.

The main features of the scheme include Rs 5,000 overdraft facility for Aadhaar-linked accounts, Ru Pay Debit Card with in-built Rs 1 lakh accident insurance cover and minimum monthly remuneration of Rs 5,000 to business correspondents who will provide the last link between the account holders and the bank.

BDST: 2012 HRS, AUG 14, 2014