DFS Secretary Reviews Progress of Financial Inclusion Schemes with Private Sector Banks

Highlighting the substantial progress made in expanding social security and financial inclusion, Dr. Joshi urged private banks to enhance their participation in these schemes.

Dr. Vivek Joshi, Secretary of the Department of Financial Services (DFS) in the Ministry of Finance, chaired a review meeting today in New Delhi to assess the progress and performance of various Financial Inclusion Schemes. Senior executives from Private Sector Banks were present to discuss key initiatives, including PM SVANidhi, PM Vishwakarma, and the Jan Samarth Portal.

Dr. Joshi evaluated the progress of numerous flagship 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, PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi), and PM Vishwakarma. The review also covered the establishment of brick-and-mortar bank branches and the deployment of Banking Correspondents (BCs) in unbanked villages.

Highlighting the substantial progress made in expanding social security and financial inclusion, Dr. Joshi urged private banks to enhance their participation in these schemes. He emphasized the need for banks to focus on serving marginalized sections of society and meeting their banking needs.

A detailed presentation on the features of the Jan Samarth Portal was made during the meeting. Dr. Joshi underscored the importance of this platform, which consolidates information on government credit-linked schemes, thereby enhancing customer experience and aiding banks in customer acquisition.

Dr. Joshi stressed the critical role of financial inclusion programs in providing basic financial services to the most remote areas. He urged banks to organize financial literacy camps to increase awareness of various financial inclusion schemes, including Jan Suraksha schemes, across different sections of society.

The meeting concluded with a call for more proactive efforts from private sector banks to support the government's mission of achieving comprehensive financial inclusion and ensuring that the benefits of these schemes reach every citizen.