LIE: Only 50% of families had bank accounts. Today, almost all are connected

Modi Lies / Friday, December 7th, 2018

As per census 2011, 58.7% of households reported availing banking services, as reported by the Reserve Bank of India (RBI). In order to ensure that each household has a bank account, instructions were issued to all PSBs and Regional Rural Banks (RRBs) to launch a campaign for opening of atleast one bank account per family. Under Financial Inclusion initiatives, banks had already opened 3.16 crore accounts by March 31, 2012.

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