Banks should work towards Banking the unbanked, Securing the unsecured and Funding the unfunded: Dr Bhagwat Karad

Kolhapur is performing well on the financial inclusion parameters set for Banks: Mos Finance

Review meeting on Financial Inclusion Parameters of Western Maharashtra takes place in Satara

Union Minister of State for Finance Dr. Bhagwat Karad today asked bankers to focus on Banking the unbanked, Securing the unsecured and funding the unfunded. He was speaking at a review meeting on Financial Inclusion Parameters of Western Maharashtra in Satara today.

The Minister further said that PM Svanidhi scheme gives small loans to needy people without the condition of a collateral or a CIBIL score. The Minister asked on this occasion to increase banking penetration in rural areas. He directed banks to reduce the waiting period for loan disbursement. Minister added that even a developed state like Maharashtra has scope for increasing the number of bank branches in rural areas. Banks need to work towards that goal, the Minister said.

 In our target towards becoming five trillion economy, banking sector is a big pillar said the Minister. Dr Karad further added that new voters should be incorporated into the banking sector by opening their bank accounts, and special camps should be arranged for the same. He suggested imbibing a competitive spirit among the banking sector for development of all. The Minister on this occasion appreciated the all round performance achieved by Kolhapur District on Financial inclusion parameters.

He further added that with respect to schemes like Svanidhi, Maharashtra has performed better than national average. However, there is scope for performance improvement in the MUDRA Scheme, where Maharashtra is lagging behind the national average.

On this occasion the, Minister also took a performance review of NABARD in Western Maharashtra region. Member of Parliament, Jaisiddeshwar Shivacharya Mahaswamiji, Member of Parliament Shriniwas Patil, MLA Jaykumar Gore and representatives of various banks were present on this occasion.

Financial inclusion: banks urged to bank the unbanked, secure the unsecured and fund the unfunded. Banks are directed to prioritise financial inclusion by banking the unbanked, securing the unsecured and funding the unfunded; increase rural banking penetration; reduce loan disbursement waiting periods; run special account opening camps for new voters; and utilise the PM Svanidhi scheme to provide collateral free small loans without CIBIL reliance. Maharashtra's PM Svanidhi performance exceeds national averages while MUDRA uptake lags, and NABARD's Western Maharashtra performance was reviewed.