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India's Narendra Modi launches bank accounts for all

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<span style="font-size: small;"><span style="background-color: rgba(255, 255, 255, 0);">India's Narendra Modi launches bank accounts for all</span></span></h1>
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<a class="hidden" href="http://www.bbc.co.uk/news/world-asia-india-28962762#story_continues_1" style="display: inline !important; font-weight: bold; left: -5000px; position: absolute; text-decoration: none; top: -5000px;"><span style="color: black;"><span style="background-color: rgba(255, 255, 255, 0);"><br />Continue reading the main story</span></span></a><span style="background-color: rgba(255, 255, 255, 0);"><img alt="A state-run bank in India" height="351" src="http://news.bbcimg.co.uk/media/images/77207000/jpg/_77207918_77207916.jpg" style="-webkit-user-select: none; border: 0px; font-style: italic; position: relative;" width="624" /></span><span style="display: block; width: 624px;"><span style="background-color: rgba(255, 255, 255, 0);">Millions of Indians have no access to financial services</span></span></div>
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<span style="font-size: small;"><span style="background-color: rgba(255, 255, 255, 0);">Related Stories</span></span></h2>
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<span style="background-color: rgba(255, 255, 255, 0);">Indian Prime Minister Narendra Modi has launched a plan to provide a bank account for every household, in a landmark initiative to help the poor.</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">Nearly 40% of Indians have little access to financial services and are often at the mercy of moneylenders who charge extortionate interest.</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">Mr Modi has told state and private banks to support the plan.</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">Correspondents say taking banking to the poor, who may have no identity papers, will be a challenge.</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">Reports say Mr Modi's government aims to provide bank accounts to 75 million households by 2018, and to have two account-holders per household.</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">Officially launching the project on Thursday, Mr Modi said it would give the poor "renewed strength to fight poverty".</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">"When a bank account is opened, it's a step towards joining the economic mainstream."</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">Under the banking scheme, account holders would receive a debit card and accident insurance cover of up to 100,000 rupees ($1,654; £996). They would also get an overdraft facility of up to 5,000 rupees.</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">Mr Modi announced the programme in his first Independence Day speech on 15 August after sweeping to power with a landslide victory in general elections in May.</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">The plan aims to bring every Indian household into the banking system, Sanjoy Majumder reports</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">"There are millions of families who have mobile phones but no bank accounts. We have to change this scenario," he told the nation.</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">He said there was an "urgency to this exercise as all other development activities are hindered by this single disability".</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">Tens of thousands of Indians have filed applications to open accounts since the 15 August speech, the Associated Press reports.</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">Correspondents say increased financial inclusion will help the government pay welfare benefits directly into bank accounts and cut corruption.</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">Data provided by the World Bank shows that just 4% of Indians receive government payments through bank accounts.</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">The scheme will also help diminish the influence of moneylenders and other informal lending agencies who operate outside the control of the country's central bank.</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">Vijay Advani, executive vice-president of Franklin Templeton Investments, told the AFP news agency that the plan was an "unique opportunity [for India] to re-invent its approach to financial inclusion".</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">But one of the main impediments to the plan could be the lack of identity documents among the poor - people have to produce a number of papers, including birth certificates and proof of address, to open a bank account in India.</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">"For the common man, the opening of a bank account is a Herculean task," NSN Reddy, chief manager of the state-run Andhra Bank said.</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">But India's Central Bank Governor Raghuram Rajan has said the scheme will help the poor to gain "economic independence" by providing insurance and credit.</span></div>
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India's Narendra Modi launches bank accounts for all

India's Narendra Modi launches bank accounts for all Continue reading the main story Millions of Indians have no access to financial...

16:19

Exclusive: Why PSquare's Peter Okoye threatened to expose a commercial bank

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<span style="background-color: rgba(255, 255, 255, 0);"><img border="0" height="306" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgs-NJ-SXqgBFpfM-xt5tb-sThld3KpCefEQOCZMr8-cwBxPf1twfYprWOFYwd8RrhmkxnB6MEyqojk84-RlMBrajaFug8jkCOI22VjvCImgMtZijAg5oLDxN5D2NALYiza27nkaGkUg_kx/s1600/peter.ok_.jpg" width="400" /></span></div>
<span style="background-color: rgba(255, 255, 255, 0);"><br />About three weeks ago, Peter Okoye of P-Square took to twitter to threaten to expose a bank over fraudulent transactions. He gave the bank 5 days to return his money or be exposed and sued.<br /><br />Well, five days has passed and Peter hasn't said anything about the issue again...but I just found out what went down...(get in here for the exclusive details...:-))<br /><br />Will tell you what happened but will leave out the name of the bank. So in May, Peter Okoye found out that millions of Naira had been withdrawn from one of his personal accounts with a bank leaving him with less than N300k. He met with the management of the bank to find out what happened and they promised to resolve it. Fast forward to August and the money hadn't been returned and so Peter went on social media to threaten.<br /><br />Immediately he made the threat online, the bank called him begging him not to mention their name, that the money will be refunded soon. They called him for a meeting about two weeks ago and told him to give them<br /><a href="" name="more"></a>11 working days to refund the money.<br /><br />Well, the eleven working days has expired and Peter still hasn't received his money. I hear he may speak officially on it anytime soon.<br /><br />-Kevin Djakpor</span></div>

Exclusive: Why PSquare's Peter Okoye threatened to expose a commercial bank

About three weeks ago, Peter Okoye of P-Square took to twitter to threaten to expose a bank over fraudulent transactions. He gave the ban...

06:36

New Nigeria IGP denies misappropriating police fund

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<span style="background-color: rgba(255, 255, 255, 0);">Acting Inspector General of Police (IGP) Suleiman Abba yesterday denied allegations that funds deducted from salaries of police men for the ‘police cooperatives’ of which he is Chairman of the board was being siphoned through misappropriation.</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">Speaking during the distribution of shares certificates of Nigeria Police Mortgage Bank to police men, the IGP said, “I must tell you the system in handling deductions in police cooperatives has been going on for many years; if anybody is complaining or is having problems with crediting his account I think something is really wrong.”</span></div>
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<a href="http://www.vanguardngr.com/2014/08/new-igp-denies-misappropriating-police-fund/sulaiman-abba-police/" rel="attachment wp-att-459894" style="-webkit-transition: background-color 0.2s linear, border-top-color; background-color: rgba(255, 255, 255, 0); border: 0px; font-style: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; transition: background-color 0.2s linear, border-top-color; vertical-align: baseline;"><span style="color: black;"><img alt="Acting Police IG Sulaiman Abba" class="size-full wp-image-459894" height="250" src="http://dvsl3w2q45hb8.cloudfront.net/wp-content/uploads/2014/08/sulaiman-abba-police.jpg" style="-webkit-transition: margin 0.2s linear, box-shadow; border: none; box-shadow: rgba(0, 0, 0, 0.247059) 1px 1px 1px; margin: 0px; padding: 0px; transition: margin 0.2s linear, box-shadow;" width="412" /></span></a><div class="wp-caption-text" style="border: 0px; outline: 0px; padding: 0px 8px 0px 0px; vertical-align: baseline;">
<span style="background-color: rgba(255, 255, 255, 0);">Acting Police IG Sulaiman Abba</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">IGP Abba noted that: “Even if it exists it may not be unconnected with the fact that “we have been struggling to computerize the activities of the cooperative, he said adding that, “There may be delay but not that anybody is tampering with funds.”</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">“I must tell you, I was worried because up till last week some of us were complaining, that it was fraudulent and if I tell you I wasn’t worried I will be telling lies, because my hands were in it,” he said</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">.Continuing, Abba said: “I was entrusted with the funds in the cooperatives and I was contributing billions to that venture (Police Mortgage Bank). If for any reason things had gone wrong, it wasn’t only the former IG that would have been blamed.”Speaking on the shares certificates of the Police Mortgage Bank distributed to police men, IGP Abba said the establishment of the bank was to enable the police easy access to the funds of National Housing Scheme.</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">He said: “If you hear the billions we have been contributing so far and we have not been able to access it, because we do not have an organized way of accessing it, you will agree with me that establishing the mortgage bank was a worthwhile venture.”</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">- See more at: http://www.vanguardngr.com/2014/08/new-igp-denies-misappropriating-police-fund/#sthash.36amEUI2.dpuf</span></div>

New Nigeria IGP denies misappropriating police fund

Acting Inspector General of Police (IGP) Suleiman Abba yesterday denied allegations that funds deducted from salaries of police men for th...

20:58

Diamond Bank partners with MTN to unveil Diamond Y'ello account

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<span style="background-color: rgba(255, 255, 255, 0);">The era of mobile telephone banking in Nigeria received a huge boost on Friday, August 8, 2014, as one of Nigeria’s leading banks, Diamond Bank Plc in partnership with MTN Nigeria, officiall<a href="https://www.blogger.com/null" name="_GoBack" style="text-decoration: none;"></a>y unveiled the “Diamond Y’ello Account” (DYA) in Lagos.</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">The ceremony which was held at The Wheat baker Hotels, Ikoyi, Lagos was attended bysenior management of Diamond Bank Plc and MTN. Continue...</span></div>
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<span style="font-size: small;"><span style="background-color: rgba(255, 255, 255, 0);">Group Managing Director, Diamond Bank Plc, Dr Alex Otti; Founder of Diamond Bank and Founding Chairman of MTN Nigeria, Dr Pascal Dozie and  CEO, MTN Nigeria, Mr Mike Ikpoki, unveiling the Diamond Y’ello Account.</span></span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">They include the Group Managing Director(GMD) of Diamond Bank Plc; Dr Alex Otti, CEO of MTN Nigeria; Mr Mike Ikpoki, Acting Chief Marketing Officer (C.M.O) of MTN Nigeria; Mr Usoro Usoro and the Deputy Managing Director of Diamond Bank Plc; Mr Uzoma Dozie among others. Continue...</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">The ceremony which was held at The Wheat baker Hotels, Ikoyi, Lagos was attended bysenior management of Diamond Bank Plc and MTN. They include the Group Managing Director(GMD) of Diamond Bank Plc; Dr Alex Otti, CEO of MTN Nigeria; Mr Mike Ikpoki, Acting Chief Marketing Officer (C.M.O) of MTN Nigeria; Mr Usoro Usoro and the Deputy Managing Director of Diamond Bank Plc; Mr Uzoma Dozie among others.</span></div>
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<span style="font-size: small;"><span style="background-color: rgba(255, 255, 255, 0);">From Left: Founding Chairman, MTN Nigeria, Dr Pascal Dozie; comic act, Afeez Oyetoro, a.k.a Saka, and General Manager, Consumer Marketing, MTN, Mr Kola Oyeyemi at the formal unveiling of the Diamond Y’ello Account on Friday, August 8 2014.</span></span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">The Diamond Y’ello Account is the outcome of an exciting synergy between Diamond Bank Plc and MTN Nigeria. Diamond Bank will through this product, provide numerous banking services to Nigerians via the robust telecommunications platform of MTN. According to the bank, subscribers on the MTN network will now be able to open an account, save money, make purchases and even apply for loans, all through their mobile phones.</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);"><b>The Diamond Y’elloAccount (DYA) is easy to use, as it completely eliminates the burden and risk of moving around with huge sums of money. </b><b>Customers who are registered on the MTN network are automatically eligible for the service. To open an account, interested customers will dial *710# and follow the prompts</b><b>.</b></span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">Speaking during the formal unveiling of the product, Chairman of MTN Nigeria, Dr Pascal Dozie, who also doubles as the founder of Diamond Bank Plc, paid glowing tributes to both companies for partnering to pioneer a product, which according to him, will change the face of banking in Nigeria.</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">He described the collaboration between the two companies asa joint commitment to excellence, which also aligns with the current financial policy of the federal government aimed at engendering a cashless society, managing inflation and promoting socio-economic growth.</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">The GMD of Diamond Bank Plc, Mr Alex Otti described the Diamond Y’ello Account (DYA) as a “novel, earth-shaking product”.He expressed confidence that the product will enable the bank to reach out to the millions of people who do not have a bank account, but are connected on the MTN network, which is the largest in Nigeria with 58 million customers.</span></div>
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<span style="background-color: rgba(255, 255, 255, 0);">Also speaking, MTN’s CEO Mike Ikpoki expressed delight over the partnership with Diamond Bank. He expressed full confidence that the Diamond Yello financial service will ultimately promote a cashless society, create more jobs and ultimately build a vibrant economy, powered by technology.</span></div>
<span style="background-color: rgba(255, 255, 255, 0);">For more information about the Diamond Y’ello Account, please visit<a href="http://www.mtnonline.com/diamond-yello-account" style="text-decoration: none;">http://www.mtnonline.com/diamond-yello-account</a><br /></span><div class="separator" style="clear: both; text-align: left;">
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Diamond Bank partners with MTN to unveil Diamond Y'ello account

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