Officially launching the project on Thursday, Mr Modi said it would give the poor "renewed strength to fight poverty".
"When a bank account is opened, it's a step towards joining the economic mainstream."
Under the banking scheme, account holders would receive a debit card and accident insurance cover of up to 100,000 rupees ($1,654; £996). They would also get an overdraft facility of up to 5,000 rupees…
But one of the main impediments to the plan could be the lack of identity documents among the poor - people have to produce a number of papers, including birth certificates and proof of address, to open a bank account in India.
"For the common man, the opening of a bank account is a Herculean task," NSN Reddy, chief manager of the state-run Andhra Bank said.BBC News India
India's Narendra Modi launches bank accounts for all
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