The government’s financial inclusion mission, will heavily rely on technology and have financial literacy, insurance, pension and credit built into the programme - these components were missing in the earlier financial inclusion programme. The new plan was approved by the Cabinet last week.

   As many as 75 million households that do not have access to banking services will be covered and at least one bank account opened for each household, against the earlier proposal of two. According to the latest Census figures, 58 per cent of Indian households have access to banking facilities. The government was earlier targeting 100 per cent coverage but that might be difficult to achieve, given the last-mile connectivity issues. Banking access in areas with connectivity and infra constraints will be covered in the second phase, likely to be introduced around the Independence Day next year.

   “Wherever it is possible to open....