Modi to launch bank accounts for every household

Indian Prime Minister Narendra Modi is to launch a plan to provide a bank account for every household, in a landmark initiative to help the poor. Nearly 40 per cent of Indians have little access to financial services and are often at the mercy of moneylenders who charge extortionate interest. Mr Modi has told state and private banks to support the plan. Correspondents say taking banking to the poor, who may have no identity papers, will be a challenge. "There are millions of families who have mobile phones but no bank accounts. We have to change this scenario," Mr Modi said in his first Independence Day speech on 15 August. Reports say Mr Modi's government aims to provide bank accounts to 75 million households by 2018, and to have two account-holders per household,according to BBC.