Finance Minister asks private banks to take part in financial inclusion

The Department of Financial Services (DFS) told private banks to increase their participation in financial inclusion schemes.

DFS Secretary Vivek Joshi chaired a meeting with senior executives of private sector banks to review the progress and performance of financial inclusion schemes, including PM SVANidhi, PM Vishwakarma, and Jan Samarth Portal.

According to the press statement of the Finance Ministry, Joshi also 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), and PM Vishwakarma.

Joshi also reviewed the progress of opening brick-and-mortar branches of banks and deploying banking correspondents (BCs) in unbanked villages.

On June 25, the DFS asked public sector banks (PSBs) to revive inoperative accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY).