A bit sensational?
That headline may sound a bit sensational - but the financial inclusion plan of the government could lead to such an outcome, if one key component of the plan turns out to be the way it has been described in the media.
For a government that is wary of talking to the press and prefers to keep everything close to its chest, it is notable that every single publication seems to have got hold of the blueprint of Narendra Modi's ambitious financial inclusion plan, supposed to be announced on August 15.
Apparently, the plan will provide "universal access to banking facilities" by offering a basic bank account and a RuPay-enabled debit, overdraft and ATM card with inbuilt accident insurance cover of Rs 1 lakh.
According to the government, more than 40 per cent of Indian households do not have access to banking services. That means about 75 million households.
The government wants at least two members of each of these families to at least have savings bank accounts. This means 150 million new accounts. (Other media reports later said that it would be one account per household.)
The account holders will get financial literacy training sessions and, on completion, a year later, a Rs 5000 overdraft limit.
It is this last bit that caught my attention and leads to the math behind the headline of this piece.
Image: Prime Minister Narendra Modi taking a round of the Prime Minister's Office on arriving there on May 29, 2014.
Text: Debashis Basu, Business Standard
Image Courtesy: Prime Minister's Office
The writer is the editor of www.moneylife.in and can be reached at firstname.lastname@example.org