FinMin pushes private banks to widen financial inclusion

New Delhi: The Finance Ministry on Tuesday urged private sector banks to increase their participation in financial inclusion schemes including Pradhan Mantri Mudra Yojana (PMMY) and Stand Up India.

Chairing a review meeting with heads of all Public Sector Banks (PSBs) and senior officials of major private sector banks (PVBs), Financial Services Secretary Sanjay Lohiya urged banks to participate wholeheartedly in the forthcoming Financial Inclusion saturation campaign from October 21 to December 31.

Lohiya asked private sector banks to give more thrust to serving marginalised sections of society and fulfilling their banking needs. During the meeting, a detailed review of 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) and Pradhan Mantri Mudra Yojana (PMMY), the finance ministry said in a statement.

The meeting also reviewed progress on Stand Up India, PM Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi), PM Vishwakarma, PM Surya Ghar, and Kisan Credit Card, it said. The progress of opening brick-and-mortar branches of banks and deployment of Banking Correspondents in unbanked villages was also reviewed, it said.