The government has decided to pay banks Rs 140 for every no frills account they open as part of the financial inclusion plan.

The government has actually decided to give out Rs 50 crore to banks for this purpose in the upcoming fiscal.

"Financial support to the banks for opening 'no frills' accounts under Swabhiman Scheme as part of Financial Inclusion Plan Rs 50 crore (Budget estimate for 2011-12)," Finance minister, Pranab Mukherjee said during the budget presentation.

The budget speech of Mukherjee emphasized on providing banking facilities to 73,000 households.

He added that a new scheme called Swabhimaan', has been launched to inform, educate and motivate people to open bank accounts.