Dr. Joshi exhorts private banks to give more thrust on serving marginalised sections and fulfilling their banking needs

Dr. Vivek Joshi, Secretary, Department of Financial Services (DFS), Ministry of Finance, chaired a review meeting on the progress and performance of Financial Inclusion Schemes, including PM SVANidhi, PM Vishwakarma and Jan Samarth Portal with senior executives of Private Sector Banks, in New Delhi.

During the meeting, Dr. Joshi reviewed the progress under various Financial Inclusion 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 Yojana (PMMY), Stand Up India, PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi), PM Vishwakarma, etc. He also reviewed the progress of opening of brick & mortar branches of banks and deployment of Banking Correspondents (BCs) in unbanked villages.

Dr. Joshi 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.

Dr. Joshi exhorted private banks to give more thrust on serving the marginalised sections of the society and fulfilling their banking needs. A detailed presentation on features of Jan Samarth portal was also made, in which Dr. Joshi highlighted the importance of Jan Samarth portal that presents information of credit-linked schemes of the government on a single platform. The platform improves customer experience and assist banks in acquisition of customers.

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

Financial inclusion: private banks urged to deepen participation in government schemes and expand last mile services and outreach. The Department of Financial Services urged private banks to intensify engagement with financial inclusion programmes by expanding brick-and-mortar branches and Banking Correspondents in unbanked villages, increasing participation in flagship deposit, insurance, and small-credit schemes, and organising financial literacy camps. The Jan Samarth portal was emphasised as a centralised tool to present credit-linked government schemes, aid customer acquisition, and improve customer experience for marginalised sections.