Rs.75,000 crore grand loan mela is the blueprint of Prime Minister Narendra Modi’s ambitious financial inclusion plan to be announced on August 15.

The plan will provide ‘universal access to banking facilities’ by offering a basic bank account and a RuPay-enabled debit, overdraft and ATM card with inbuilt accident insurance cover of Rs1 lakh and the scheme is expected to benefit about 75 million households, more than 40 per cent of Indian households that do not have access to banking services.

The scheme is to cover some 15 crore people If each one of them gets a Rs 5000 overdraft (without security), India needs to find Rs 75000 crore of new money from somewhere to lend to those among the poorest.