Never before in economic history would 15 million bank accounts have been opened on a single day. Never before has the Government of India organised a programme of such scale,” Prime Minister Narendra Modi said on 28 August 2014, when the Pradhan Mantri Jan Dhan Yojana was launched. Twenty-one months later, in January 2016, the scheme reached all Indian households, according to official data, bringing 220 million additional families into the banking system. Can this ever be replicated in the Indian mutual fund industry?
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