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The Prime Minister’s Office has directed the Finance Ministry to immediately frame a time bound action plan for 100 per cent financial inclusion of all households in the country on a mission-mode basis.
The Department of Financial Services convened a meeting with select bankers to discuss the proposed scheme — Sampoorn Vitteeyea Samaveshan (SVS).
Learning from the past, the present proposal of SVS is an integrated approach to bring about comprehensive financial inclusion, official sources said.
In the past, India’s financial inclusion efforts had focused only on the supply side by providing banking outlets, but the entire geography could not be covered.
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