Prime Minister Narendra Modi has launched the Jan Dhan Yojana that entails providing a bank account to every Indian family. The major initiative, which is his brain child, will help the government to save billions of rupees on social spending.

"There is an urgency to this exercise as all other development activities are hindered by this single disability," he had tweeted.

Under the banking scheme, account holders would get a debit card and accident insurance cover of up to Rs 1 lakh and an overdraft facility of up to Rs 5,000 and would cover 1.5 crore households.