Public Sector and Private Sector Banks should dedicatedly work towards bringing more and more people in the fold of Financial Inclusion Schemes : Secretary, DFS

Shri. M Nagaraju, Secretary, Department of Financial Services (DFS), Ministry of Finance, chaired a review meeting with heads of Public Sector Banks (PSBs) and MD&CEOs & Senior officers of Private Sector Banks, in New Delhi. The review meeting was also attended virtually by senior executives of SIDBI, Mudra Ltd, IBA and NCGTC.

During the meeting, Shri Nagaraju 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 and PM Vishwakarma.

He also reviewed the progress of opening of brick & mortar branches of banks in unbanked villages and stressed upon augmenting of Banking Infrastructure in the country with special focus on North Eastern States. He also emphasized the need for Banking expansion in far flung areas by resolving the issues of connectivity and infrastructure.

Shri Nagaraju said that significant progress has been made in expanding social security and deepening financial inclusion in the country through various flagship schemes of the Government, and further urged the Public Sector and Private Sector Banks to dedicatedly work towards bringing more and more people in the fold of Financial Inclusion Schemes so as to further strengthen financial inclusion initiatives taken by the Government. Secretary, DFS also stressed upon extending the loans to SC/STs under Stand-Up India Scheme and achieving the allocated targets under MUDRA scheme.

Financial inclusion: banks urged to expand scheme outreach, open branches in unbanked areas and prioritise SC/ST lending. The Department of Financial Services reviewed implementation of flagship financial inclusion and social security programmes-PMJDY, PMJJBY, PMSBY, APY, PMMY, Stand Up India and PM Vishwakarma-and directed banks to intensify enrolment and outreach. Authorities emphasised opening brick-and-mortar branches in unbanked villages, prioritising North Eastern and remote areas, resolving connectivity and infrastructure gaps, and ensuring targeted credit delivery to SC/ST beneficiaries under Stand Up India while achieving MUDRA targets.