Private sector banks urged to push financial inclusion programmes

New Delhi: Minister of State for Finance Bhagwat K Karad on Thursday urged private sector banks to push various financial inclusion programmes like Pradhan Mantri Jan Dhan Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana. 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 here.

Review of Financial Inclusion Schemes

During the meeting, he reviewed the progress of various financial inclusion FI 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 Vendors AtmaNirbhar Nidhi PM SVANidhi.He also reviewed the progress of opening brick-and-mortar branches of banks in unbanked villages with a population of more than 3,000 people.

Encouraging Private Sector Banks

Appreciating the efforts, he exhorted private sector banks to take innovative measures and intensify their efforts with enthusiasm for the promotion of various FI programmes of the government.The RBI has been requested to monitor on a regular basis the FI programme-related performance of private sector banks by the MoS Finance.

Importance of Financial Inclusion Programmes

The minister emphasised the importance of FI 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 like Jan Suraksha schemes and digital financial transactions, including UPI Lite, can be further promoted.

PM Vishwakarma Scheme

Karad also reviewed the banking preparedness of the newly launched PM Vishwakarma scheme for supporting the traditional artisans and underscored the importance of swift bank account verification. The issues related to digital transactions were also discussed in the meeting, with a special focus on the promotion of digital payments.

The government's focus on financial inclusion is a step towards ensuring that every citizen has access to basic financial services. The role of private sector banks in this endeavour is crucial, and their efforts in promoting various financial inclusion programmes will contribute significantly to achieving this goal.