Private Banks Asked to Enhance Services for Society's Marginalised Sections

Financial Services Secretary Vivek Joshi chaired a review meeting on Tuesday with senior executives of private sector banks. He urged them to focus more on serving marginalised sections and meeting their banking needs. The meeting reviewed the performance of various financial inclusion schemes, including PM SVANidhi, PM Vishwakarma, and the Jan Samarth Portal.

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Review of Financial Inclusion Schemes

Joshi examined the progress under several financial inclusion schemes such as 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 highlighted the significant advancements made in expanding social security and deepening financial inclusion through these government flagship schemes.

During the session, Joshi also assessed the progress in opening brick-and-mortar bank branches and deploying Banking Correspondents (BCs) in unbanked villages. He emphasised the importance of these efforts in providing basic financial services to remote areas. Joshi encouraged private banks to increase their participation in financial inclusion programmes.

Importance of Jan Samarth Portal

A detailed presentation on the Jan Samarth portal was given during the meeting. Joshi highlighted that this platform consolidates information on government credit-linked schemes into a single interface. This portal enhances customer experience and aids banks in acquiring new customers.

Joshi stressed the need for financial literacy camps to raise awareness about various financial inclusion schemes. He pointed out that such initiatives are crucial for reaching the last mile and ensuring that basic financial services are accessible to all.

In conclusion, Joshi's meeting with private sector banks underscored the ongoing efforts to deepen financial inclusion and expand social security through various government schemes. He called for increased participation from private banks to further these goals.