Fin min asks pvt banks to raise participation in financial inclusion schemes

  • Finance ministry has asked private sector banks to increase their participation in financial inclusion schemes and serve the marginalized sections of society by fulfilling their banking needs.

Subhash Narayan
First Published9 Jul 2024, 10:00 PM IST
The meeting also reviewed the progress of opening of brick and mortar branches of banks and deployment of banking correspondents (BCs) in unbanked villages.
The meeting also reviewed the progress of opening of brick and mortar branches of banks and deployment of banking correspondents (BCs) in unbanked villages.(Mint)

New Delhi: The finance ministry has asked private sector banks to increase their participation in financial inclusion schemes and serve the marginalized sections of society by helping fulfill their banking needs.

The call came during a review meeting chaired by department of financial services (DFS) secretary Vivek Joshi on Tuesday with senior executives of private sector banks in New Delhi.

The meeting reviewed the performance of private banks on various financial inclusion schemes, including the Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Pradhan Mantri Mudra Yojana(PMMY), Stand Up India, PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi), PM Vishwakarma, etc.

Also read | Centre plans skills for loans in financial inclusion schemes

The meeting also reviewed the progress of opening of brick and mortar branches of banks and deployment of banking correspondents (BCs) in unbanked villages.

During the course of review, the financial services secretary underlined the significant progress made in expanding social security and deepening financial inclusion in the country through various flagship schemes of the Government.

He discussed in detail the progress made by private banks for deepening of financial inclusion and urged them to increase their participation in financial inclusion schemes.

Also read | Finmin asks PSBs to meet financial inclusion targets at the earliest

During the meeting a detailed presentation on features of the Jan Samarth portal was also made. The portal presents information of credit-linked schemes of the government on a single platform, improving customer experience and helping banks acquire more customers.

Joshi emphasised the importance of financial inclusion programmes in providing basic financial services in reaching the last mile and also exhorted banks to organize financial literacy camps so that awareness about various financial inclusion schemes, including Jan Suraksha schemes is spread across various sections of society.

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First Published:9 Jul 2024, 10:00 PM IST
HomeIndustryFin min asks pvt banks to raise participation in financial inclusion schemes

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