India’s Poorest Now Have Access to Basic Bank Accounts, and Many Already Received their First Cash Stimulus Payment By Last Saturday; Meanwhile the IRS May Get You Your $1200 Check in Five Months — Jerri-Lynn Scofield

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Mike Norman
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I immediately called one of my oldest friends in Kolkata, Tushar Roy, who is a chief manager for the Central Bank of India, one of India’s state-owed banks. He has worked as lead district manager for three years, coordinating among the central government, the West Bengal state government, and all the banks of the district, both private and state-owned, in setting up bank accounts for the unbanked. The holder of the account can access the DBT the government has made either through a branch, by banking correspondents – where there is no bank branch – or via ATMs.

 “At this time, nearly every adult in India has a basic bank account, as there is no minimum balance requirement,” said Roy. “In fact, it would be extremely difficult to find an adult who does not hold an account. Even many students who are more than ten years old have their own accounts, especially those who live in rural areas and receive scholarships.”