Shri M. Nagaraju, Secretary of the Department of Financial Services (DFS) under the Ministry of Finance, chaired a high-level review meeting today with top officials from Public Sector Banks (PSBs), Private Sector Banks, and senior executives from key financial organizations. The meeting was held in New Delhi, with virtual participation from senior representatives of SIDBI, Mudra Ltd, the Indian Banks’ Association (IBA), and the National Credit Guarantee Trustee Company (NCGTC).
Focus on Financial Inclusion Schemes
During the meeting, Shri Nagaraju assessed the progress of various government-led financial inclusion initiatives. These included:
- Pradhan Mantri Jan Dhan Yojana (PMJDY): A flagship scheme for universal banking access.
- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): Life insurance for the underprivileged.
- Pradhan Mantri Suraksha Bima Yojana (PMSBY): Accidental insurance coverage.
- Atal Pension Yojana (APY): A pension scheme aimed at unorganized workers.
- Pradhan Mantri Mudra Yojana (PMMY): Financial support for micro and small enterprises.
- Stand Up India Scheme: Focused on empowering SC/ST entrepreneurs and women.
- PM Vishwakarma Scheme: Promoting traditional artisans and craftspeople.
Expanding Banking Infrastructure
The Secretary also reviewed the establishment of new brick-and-mortar bank branches in unbanked villages. He highlighted the importance of expanding banking services, particularly in remote and underserved areas, with a special focus on the North Eastern states. Shri Nagaraju urged banks to address challenges related to connectivity and infrastructure to ensure that banking services reach even the most isolated communities.
Strengthening Financial Inclusion
Shri Nagaraju commended the significant progress made under the government’s flagship schemes in expanding social security and promoting financial inclusion. However, he called on banks to intensify their efforts to bring more people under the umbrella of financial services.
The Secretary emphasized the importance of achieving targets under the MUDRA scheme and increasing loan disbursements to Scheduled Castes (SCs) and Scheduled Tribes (STs) under the Stand-Up India Scheme.
A Call to Action
Shri Nagaraju reiterated the government’s commitment to deepening financial inclusion and urged both public and private sector banks to work collectively towards achieving these goals. He stressed that these efforts are vital for strengthening India’s financial ecosystem and ensuring inclusive economic growth.
The meeting concluded with a strong resolve to address challenges and accelerate progress on financial inclusion initiatives across the country.
