The scheme, about which Modi made the announcement in his Independence Day speech, will be launched across the country simultaneously amid his emphasis that it lies at the core of "our development philosophy of 'Sabka Sath Sabka Vikas'".
As a first step, under the scheme, every account holder will get a 'RuPay' debit card with a Rs one lakh accident cover. "As we go along, they will be covered by insurance and pension products," the Prime Minister said today while announcing the decision about the launch.
Modi, who has sent an email to all bank officers, said bank account for each household is a "national priority" and they should try their best to ensure that no one is left without a bank account. Describing the task as "gigantic," he said, "We need to enroll over 7 crore households and open their accounts. This is a national priority and we must rise to meet this challenge.
There is an urgency to this exercise as all other development activities are hindered by this single disability. I am sure we will overcome this situation collectively."