Finance Ministry tells PSBs to open more brick & mortar branches in villages

The Finance Ministry on Wednesday advised the chiefs of public sector banks to expedite the opening of more brick-and-mortar branches in villages to further strengthen financial inclusion initiatives taken by the government.

Vivek Joshi, Secretary, Department of Financial Services, Ministry of Finance, told PSB chiefs at a review meeting held here that while significant progress has been made in expanding social security and deepening financial inclusion in the country through various flagship schemes of the government, banks must industriously work towards reaching the last mile to further strengthen financial inclusion initiatives taken by the government.

Jan Samarth portal & Aadhar seeding etc were also discussed during the review meeting meeting. He took a detailed review of the progress made in opening brick-and-mortar branches of banks in unbanked villages.

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, Ethanol Blending in Petrol (EBP) and Compressed Bio Gas (CBG) financing.

requested banks to give more thrust on improving customer experience across banking services. The review meeting was also attended by senior executives of UIDAI, NABARD, SIDBI , Mudra Ltd. CERSAI & NCGTC. CEO, UIDAI also took part in the meeting to showcase the new product launched by UIDAI to benefit the banks while undertaking Aadhar authentication.
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