Dr. Vivek Joshi, Secretary, Department of Financial Services (DFS), Ministry of Finance, chaired a full day review meeting of heads of Public Sector Banks (PSBs) and financial institutions here today.

During the meeting, the progress of various social security (Jan Suraksha) schemes, including 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 and Prime Minister Street Vendor's AtmaNirbhar Nidhi (PMSVANidhi), and Agri credit etc, were reviewed.

Besides reviewing the progress under the social security schemes promoting financial inclusion, PSBs were exhorted to achieve the targets allocated to them under the schemes for the FY 2022-23. It was also discussed that banks should organise financial literacy camps so that awareness about various financial inclusion schemes including micro insurance schemes, digital financial transactions including UPI Lite can be further promoted.

It was appreciated that  ease of access to banking services has been strengthened in the last 7-8 year and now having provided access to banking services to bottom of the pyramid, banks need to put in all-out efforts to make customer experience more enriching and pleasant for sustainable banking relationship. Indian Banks’ Association (IBA) has already been requested to expedite the Consumer Service Rating for all Scheduled Commercial Banks to gauge the consumer expectation and to enable banks to raise their standards of services delivery to every segment of the customer.

The amendments proposed in Insolvency and Bankruptcy Code (IBC) with regard to reducing the delays in the processes relating to admission, resolution, National Company Law Tribunal’s (NCLT) approval and liquidation were also discussed in presence of officials from Ministry of Corporate Affairs and Insolvency and Bankruptcy Board of India (IBBI).

PSBs were also requested to take help of PM KISAN database with an aim to provide Kisan Credit Card (KCC) facility to all the farmers in the country. The progress of Agriculture Infrastructure Fund (AIF) scheme was also reviewed. Officials from Department of Agriculture & Farmers’ Welfare were also present in the review related to agricultural credit.

The progress in digitisation of process for getting the KCC was also discussed to improve the transparency. PSBs were advised to take necessary steps to digitise entire journey of KCC loans in a time bound manner.The digitisation of KCC-Modified Interest Subvention Scheme (MISS) was also discussed and banks were told to start using the portal for their claims from FY 2021-22 onwards.

Financial inclusion targets reinforced; banks must digitise Kisan Credit Card processes and improve consumer service ratings. Directed review of Public Sector Banks' implementation and targets under financial inclusion and social security schemes, emphasising achievement of allocated targets, enhanced customer experience, and expedited Consumer Service Rating. PSBs were instructed to use the PM KISAN database to expand Kisan Credit Card coverage, digitise the KCC loan lifecycle and interest subvention claims, and reviewed progress under the Agriculture Infrastructure Fund. Proposed IBC amendments to reduce timelines for admission, resolution, tribunal approval and liquidation were also discussed with corporate and insolvency regulators.