MoS Finance reviews preparedness with major Private Sector Banks
FinTech BizNews Service
Mumbai, 20 October 2023: Union Minister of State for Finance Dr. Bhagwat Karad chaired a review meeting on the progress and performance of Financial Inclusion Schemes, including preparedness under the PM Vishwakarma Scheme with senior management of Private Sector Banks, in New Delhi. The review meeting was also attended by senior officers from Small Industries Development Bank of India (SIDBI) & National Payments Corporation of India (NPCI), Joint Secretary, Department of Financial Services (DFS), along with other senior officers of Department.
Dr. Karad reviewed the progress of 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 Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi). Dr. Karad also reviewed the progress of opening brick & mortar branches of banks in unbanked villages having population more than 3,000 people.
Appreciating the efforts of the private sector banks, Dr. Karad exhorted private sector banks to take innovative measures & intensify their efforts with enthusiasm for promotion of various Financial Inclusion (FI) programmes of the Government. The RBI has been requested to monitor on a regular basis FI programme related performance of private sector banks by the MoS Finance.
Dr. Karad emphasised the importance of Financial Inclusion programmes in providing basic financial services to the last mile delivery. He also exhorted banks to organise financial literacy camps so that awareness about various financial inclusion schemes including Jan Suraksha schemes, digital financial transactions including UPI Lite can be further promoted.
Dr. Karad also reviewed the banking preparedness of the newly-launched PM Vishwakarma scheme for supporting the traditional artisans and craftspeople and underscored the importance of swift bank account verification. The issues related to digital transactions were also discussed in the meeting with special focus on promotion of digital payments.
