More than 10 crore Indians don`t have bank accounts therefore they don`t have savings, said Finance Minister Arun Jaitley. He also said the Indian government will reach more than 7.2 crore families by February 2015.
The first phase of PMJDY (Pradhan Mantri Jan Dhan Yojana), will start by this month, & will end in August 2015. The second phase will start in August 2015 & end in 2018.
The banking network will have to gear up to expand its 7000 plus branches, 20,000 plus ATMs in the first phase, to open bank accounts of the not recognized families in both rural & urban areas.