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Bank accounts now with 70 crore Indians: Modi

New Delhi: Prime Minister Narendra Modi on Saturday said some 70 crore people untouched by any form of financial inclusion on Saturday had bank accounts, thanks to the scheme he announced exactly a year ago.

Addressing the nation on India`s 69th Independence Day, the prime minister said these bank accounts have also fetched deposits of Rs.20,000 crore, even though the Jan Dhan scheme calls for zero balance banks so that the poor are not deprived of access to the baking system.

"For the poor, the doors of banks were closed. I said this has to change. We wanted to strengthen financial inclusion," the prime minister said. "Bank accounts are essential for integrating the poor into the financial system. That`s what we have done."

As regards the deposits of Rs.20,000 crore in these bank accounts, the prime minister said: "If this richness of the poor was not there, such a feat would no have been possible."

Modi said no person wants to remain poor and those who live in poverty want to move away to achieved a better quality of life. "That is why, all our programmes must be for the poor."

Maruti Suzuki Gains 3% on Strong July Sales

Maruti Suzuki shares gained as much as 3 per cent to intraday high of Rs 4,438 on Monday after the carmaker reported strong sales for the month of July.

 Maruti Suzuki, India's largest car maker, reported a 20.1 per cent annual growth in its July sales at 1,21,712 units, supported by strong domestic sales.

 Domestic brokerages Angel Broking and Nirmal Bang Securities in a note to clients today said that Maruti's July sales were better than their expectations.

 Maruti Suzuki's domestic sales increased 22.5 per cent in July, while its exports remained flat at 11,307 units.

 For the fiscal till July 31, 2016, Maruti's total sales stands at 4.63 lakh units, which is 21 per cent higher than the 4.01 lakh units sales reported in the game period last fiscal.

 Maruti shares have witnessed huge run-up in last three months on the back of its improving sales. Its shares have rallied around 18 per cent in last three months against 3 per cent gain in the broader Nifty.

 Maruti Suzuki had also reported strong earnings growth for the June quarter. Its net profit increased 57 per cent annually to Rs 1,193 crore on the back of strong sales, lower cost and favourable forex rates. Analysts believe Maruti is likely to continue to report strong numbers for the quarters ahead.

 Maruti Suzuki shares closed 2.29 per cent higher at Rs 4,429.60 apiece, outperforming the broader Nifty, which ended 0.12 per cent higher.