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Finance Minister Pranab Mukherjee stated that around 73,000 villages having population of more than 2,000 people will be brought under formal banking system by March next year as the administration eyes at inclusive growth in India.
"The target (of covering such villages) for 2010-11 has been completed and I am quite confident the balance will be fulfilled by March 2012," he said, adding the objective of inclusive expansion cannot be accomplished without financial inclusion.
The Finmin was lecturing at a function of Central Bank of India in the national capital.
During the last financial year, the banking institutions addressed around 29,000 villages.
Even with over 8,700 banking divisions in the Indian market, a big part of the population is still deprived of the banking facilities.
During his Budget lecture during February 2010, Mr. Pranab had stated that banking institutions would offer up banking services in 73,000 villages having a population of more than 2,000 by March 2012.
Showcasing the UPA administration's twelve monthly report card yesterday, Prime Minister Dr. Manmohan Singh stated that the administration would look to chart a financial development procedure, which was "socially broad and regionally equilibrated."