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Finance Ministry conducted meeting of PSU Banks, Check Meeting Highlights


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Recently, a meeting of all the public sector banks with the finance ministry was conducted on Tuesday. Financial Services Secretary Vivek Joshi spoke to the CEOs of public sector banks (PSBs) and urged them to work diligently towards improving financial inclusion. He emphasized the importance of reaching out to the most remote areas to ensure that everyone has access to banking services.

Financial Services Secretary Urges Public Sector Banks to Strengthen Financial Inclusion Initiatives
Financial Services Secretary Urges Public Sector Banks to Strengthen Financial Inclusion Initiatives

During the meeting, Joshi reviewed the progress of various government schemes aimed at promoting financial inclusion. These initiatives include the Pradhan Mantri Jan Dhan Yojana (PMJDY), which focuses on opening bank accounts for every citizen, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), which provides life insurance, and the Pradhan Mantri Suraksha Bima Yojana (PMSBY), which offers accident insurance. He also discussed the Atal Pension Yojana, which encourages individuals to save for their retirement.

Joshi also assessed the progress of other schemes such as Stand Up India, PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi), PM Vishwakarma, PM Surya Ghar Yojana, and initiatives related to ethanol blending in petrol (EBP) and compressed bio gas (CBG) financing. These schemes aim to support entrepreneurship, provide financial assistance to street vendors, promote solar power usage, and encourage the use of eco-friendly fuels.

Furthermore, Joshi reviewed the progress of establishing physical bank branches in villages that previously didn’t have access to banking services. This initiative aims to bring banking facilities closer to rural communities. Joshi expressed his appreciation for the significant progress made in expanding social security and promoting financial inclusion through these government schemes.

Additionally, the meeting addressed issues related to CKYC (Central Know Your Customer), the Jan Samarth portal, and the process of linking Aadhaar (unique identification number) with bank accounts. The CEO of the Unique Identification Authority of India (UIDAI) also participated in the meeting to introduce a new product that benefits banks during Aadhaar authentication processes.

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