"The government has taken a major initiative for financial inclusion. This will bring about a sea change... this will be a game-changer for common people, more people coming into the banking sector and becoming partners in the financial services is a welcome step," he told reporters, after launching the scheme here.

"It (such a scheme) was long overdue. But at least today because of the initiative taken by the Prime Minister it is happening. People are happy. The feedback we are getting from various states is overwhelming," he added.

Addressing the gathering earlier, Naidu cited Census 2011's estimate that only 58.7 percent of households in the country had access to banking services.

Only 54.46 percent of rural households and 67.68 percent of urban households are availing of banking services, he said.     The financial inclusion of the poor will help bringing them into the mainstream of growth and also provide the financial institutions an opportunity to be partners in inclusive growth, he said.

He said the Modi government was implementing many pro-poor and middle class-oriented initiatives within 100 days of coming to power.

There is a positive mood and confidence in business community, and the India Inc is now preparing to reignite the growth engine, he said.

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