Finance Minister's Push for Stronger Rural Banks in Eastern India

Finance Minister Nirmala Sitharaman led a meeting in Patna to strengthen Regional Rural Banks' role in rural development. Accompanied by key officials, she emphasized digital advancements and innovative financial strategies for economic growth, urging a focus on MSMEs and agriculture to boost banking performance.

Nirmala Sitharaman, Union Finance and Corporate Affairs Minister, spearheaded a critical review meeting focused on advancing the capabilities of Regional Rural Banks (RRBs) in the Eastern Belt, held in Patna on Friday. The session was attended by Bihar Deputy Chief Minister Samrat Chaudhary, Department of Financial Services Secretary M. Nagaraju, and other top RRB officials.

The Ministry of Finance shared insights from the event on social media, underscoring Sitharaman's nationwide initiative aimed at assessing RRBs' performance. This meeting follows her recent engagement reviewing RRB operations in the Southern Region, emphasizing their pivotal role in rural economic enhancement and financial inclusion.

Sitharaman directed RRBs to strengthen digital banking services, particularly in areas with connectivity issues. She urged a greater emphasis on specialized financial products for MSMEs and agriculture, highlighting the necessity for strategic lending. Praise was given for performance improvements and tech advancements since 2022, with calls for continued excellence through innovative models and partnerships.

(With inputs from agencies.)