Private Banks Urged to Boost Participation in Government Schemes

The finance ministry has instructed private sector banks to enhance their involvement in implementing government initiatives. This directive was issued during a review meeting chaired by the Department of Financial Services Secretary, focusing on financial-inclusion schemes and urging active participation in a nationwide financial inclusion campaign.

The finance ministry has called upon private sector banks to bolster their participation in government schemes. The directive was issued by Department of Financial Services Secretary M Nagaraju during a review meeting concerning financial-inclusion initiatives like PMJDY and PMJJBY.

The meeting, attended by the senior management of private banks and IBA officials, emphasized a quick resolution of claims under Jansuraksha schemes and encouraged enhancing banking infrastructure, especially in rural and northeastern areas. The ministry highlighted these priorities in a social media post on X.

Additionally, banks were urged to actively participate in the three-month financial inclusion saturation campaign running until September, focusing on Re-KYC, opening PMJDY accounts, and enrolling in FI schemes.