Finmin urges banks to ramp up efforts in financial inclusion drive

The Finance Ministry on Tuesday directed Public Sector Banks (PSBs) to “industriously work” towards reaching the last mile to further strengthen the financial inclusion initiatives taken by the Government. 

The issues related to CKYC, Jan Samarth portal, Aadhar seeding, etc were also discussed during a review meeting chaired by Department of Financial Services (DFS) Secretary Vivek Joshi in the capital. 

The meeting was called to review the progress of financial inclusion schemes with heads of PSBs and senior executives of UIDAI, Nabard, Sidbi, Mudra Ltd, CERSAI & NCGTC.

Social security

During the meeting, Joshi reviewed the progress under 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, PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi), PM Vishwakarma, PM Surya Ghar Yojana, Ethanol Blending in Petrol (EBP) and Compressed Bio Gas (CBG) financing, etc. He also reviewed the progress of opening of brick & mortar branches of banks in unbanked villages.

Joshi said that significant progress has been made in expanding social security and deepening financial inclusion in the country through various flagship schemes of the Government. He, however, felt that more could be done on the front of reaching the last mile. 

The CEO of UIDAI also took part in the meeting to showcase the new product launched by UIDAI to benefit the banks while undertaking Aadhar authentication.

Joshi requested banks to give more thrust on improving customer experience across banking services.

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