Prime Minister Narendra Modi is expected to unveil an ambitious financial inclusion scheme on the Independence Day tomorrow to provide bank accounts to 15 crore poor persons with an overdraft facility of Rs 5,000 and accident insurance of Rs 1 lakh.

The-two phase Financial Inclusion Mission, which has been approved by the Cabinet, will be formally launched by Modi here at the end of this month, sources said.

The government is gearing up to operationalise the scheme across the country on August 28 or 29, they added.

The scheme, to be pushed by the government in a mission mode, seeks to provide two accounts to 7.5 crore identified households by August 2018.

The main features of the scheme include Rs 5,000 overdraft facility for Aadhar-linked accounts, Ru Pay Debit Card with inbuilt Rs 1 lakh accident insurance cover and minimum monthly remuneration of Rs 5,000 to business correspondents who will provide the last link between the account holders and the bank.

The new scheme, sources said, is a significant improvement over the UPA's financial inclusion programme.