Public sector lender, IDBI Bank has opened 1000 no frill accounts in Mumbai as a part of its financial inclusion program.

Under the financial inclusion program of the government as well as RBI, IDBI Bank has received a target of 118 villages across the states of Maharashtra (78), MP (25), Chhattisgarh (6), Bengal (4), one in Daman and Diu besides four urban slums.

"We have so far opened 9,000 no-frills accounts under the financial inclusion initiative in two states. While we have opened 5,000 accounts in five Maharashtra villages, including 1,000 in Ambedkar Colony at Cuffe Parade in south Mumbai under the urban financial inclusion initiative, and 3,000 in four Bengal villages," IDBI Bank Chief General Manager (Personal Banking Group) Debasish Mallick said.

The idea to make India financially literate and spread banking facilities to all unbanked areas was put forward by Finance Minister, Pranab Mukherjee in the Budget speech for this fiscal.