Open more traditional branches in villages: Finance Ministry instructs PSBs

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New Delhi: The Finance Ministry has urged public sector bank CEOs to speed the opening of more brick-and-mortar branches in villages to bolster the government’s financial inclusion plans.

Department of Financial Services Secretary Vivek Joshi emphasized the need for banks to further strengthen government’s financial inclusion initiatives, despite significant progress in social security and financial inclusion.

He took a detailed review of the progress made in opening brick-and-mortar branches of banks in unbanked villages.

Mr Joshi reviewed the progress under various financial inclusion schemes, including 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), PM Vishwakarma, PM Surya Ghar Yojana.

The Secretary also recommended that banks focus more on improving the consumer experience across all financial services. Senior executives from UIDAI, NABARD, SIDBI, Mudra Ltd., CERSAI, and the NCGTC also attended the review meeting. The CEO of UIDAI also participated in the conference to promote the new product offered by UIDAI to help banks while conducting authentication.

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