The first phase would comprise universal access to banking facilities.
Under this, basic bank accounts with zero balance, RuPay debit card and financial literacy, will have to be completed in the next one year, officials said.
As the 'Pradhan Mantri Jan Dhan Yojana' was announced by Modi on his Independence Day speech, account opening camps would be launched from August 28, officials said.
In the second phase (August 2015-2018), micro insurance and unorganised sector pension schemes like Swavlamban would come along with the banking account. Officials said the inbuilt accident insurance cover of Rs 100,000, death insurance schemes would act as incentives for households to open a bank account.
"We are taking them towards some economic activity. Focus will be on online accounts and not on offline accounts as was the case earlier," one official said.
The programme will heavily rely on technology.
As many as 75 million households that do not have access to banking services at present will be covered.
A minimum of one bank account will be opened per household, against the earlier proposal of two.
As of now, 58 per cent households have access to banking facilities.
The government was earlier targeting 100 per cent banking coverage but that might be difficult due to last-mile connectivity.
Access to banking in areas with connectivity and infrastructure constraints will be provided in phase II.
An official said two accounts will be opened wherever it is possible to do that.
However, about 50,000 villages are in forest or hilly areas.
"There we have to find alternative solution.
"Telecom companies will expand to these areas with mobile facility,"
Modi's financial inclusion plan: Rs 75,000-crore loan?
Govt eyes 200 mn new bank accounts in a year
'Granting bank licence to corporates can be tricky'
What must replace the Planning Commission
Modi, a modernist whose motivation is very Indian