MoS Finance chairs review meeting on progress, performance of Financial Inclusion Schemes
Oct 19, 2023
New Delhi [India], October 19 : Union Minister of State for Finance, Bhagwat Kisanrao 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 the national capital on Thursday.
The review meeting was also attended by senior officers from the Small Industries Development Bank of India (SIDBI) and National Payments Corporation of India (NPCI), the Joint Secretary, Department of Financial Services (DFS), along with other senior officers of the Department.
"During the meeting, 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). Karad also reviewed the progress of opening brick & mortar branches of banks in unbanked villages having population more than 3,000 people," the Ministry of Finance stated in a press release.
Appreciating the efforts of the Private Sector Banks, Karad exhorted private sector banks to take innovative measures & intensify their efforts with enthusiasm for the 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.
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, the Ministry stated.
He 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 a special focus on the promotion of digital payments, the Ministry added.
