Inspite of 40 years of nationalisation of banks, over 50% of the country's population is without a bank account, deputy governor of Reserve Bank of India (RBI) Shyamala Gopinath said today.
"We have started an innovative programme to educate such people. A 'financial literacy mission' has been launched to make people aware of the schemes they can avail," said Gopinath while addressing a function in Varanasi.
"There is a need to get villagers out of clutches of local money lenders who are exploiting them and charging humongous interest rates," Gopinath said.
After this programme common man would become aware and benefit from government loans, mutual funds and banking services, she said.
To lessen the pressure on banks and facilitate an easy transaction of money for those working under Mahatma Gandhi NREGA a plan of payment through their biometric cards is also on anvil, Gopinath added.