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Tuesday, July 23, 2024

Finance Ministry urges private banks to increase involvement in financial inclusion programs

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In Short:

The finance ministry wants private banks to help marginalized communities with their banking needs. In a meeting chaired by DFS secretary Vivek Joshi, private banks were asked to increase their involvement in financial inclusion schemes like PMJDY, PMJJBY, PMSBY, etc. They were also encouraged to open more branches in unbanked areas and deploy more banking correspondents. The aim is to provide basic financial services to all through various government schemes.

The Call for Increased Participation in Financial Inclusion Schemes

In a recent development, the finance ministry has urged private sector banks to step up their efforts in financial inclusion schemes to cater to the needs of marginalized sections of society.

Review Meeting Highlights

This call was made during a review meeting chaired by Department of Financial Services (DFS) secretary Vivek Joshi in New Delhi, where senior executives of private sector banks were in attendance.

The meeting focused on assessing the performance of private banks in 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), and others.

Progress Review

During the meeting, there was a discussion on the progress of opening brick and mortar branches of banks and deploying banking correspondents (BCs) in unbanked villages to enhance financial accessibility.

The financial services secretary acknowledged the significant strides made in expanding social security and deepening financial inclusion through the Government’s flagship schemes.

Encouraging Private Banks

The private banks were encouraged to increase their participation in financial inclusion schemes to further strengthen the reach and impact of these initiatives.

A presentation on the Jan Samarth portal was also given during the meeting, highlighting its role in providing information on government’s credit-linked schemes in a more accessible manner, enhancing customer experience.

Importance of Financial Literacy

Joshi emphasized the importance of financial inclusion programmes in providing basic financial services to the last mile and urged banks to organize financial literacy camps to raise awareness about various financial inclusion schemes, including Jan Suraksha schemes, among different segments of society.

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