Secretary Department of Financial Services chairs review meeting today

The Secretary of the Department of Financial Services held a crucial meeting with bank leaders to review progress on financial inclusion schemes. M Nagaraju discussed expanding banking infrastructure, particularly in underserved areas like the Northeastern states. The meeting emphasized the importance of bringing more people into government financial schemes like PMJDY and MUDRA. Key discussions centered on extending loans to SC/ST communities and strengthening social security initiatives.

"Significant progress has been made in expanding social security and deepening financial inclusion in the country" - M Nagaraju, Secretary DFS

by ANI January 15, 2025 55 views

New Delhi, January 15: M Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, chaired a review meeting with heads of Public Sector Banks and MD and CEOs and senior officers of Private Sector Banks, in New Delhi on Wednesday,according to an official release from the Ministry.

Key Points

1. Review meeting highlights progress of key financial inclusion schemes

2. Emphasis on banking infrastructure in unbanked and Northeast regions

3. Focus on extending loans to SC/ST under Stand-Up India Scheme

The review meeting was also attended virtually by senior executives of SIDBI, Mudra Ltd, IBA and NCGTC.

During the meeting, Nagaraju 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 and PM Vishwakarma,as per the ministry.

He also reviewed the progress of opening of brick & mortar branches of banks in unbanked villages and stressed upon augmenting of Banking Infrastructure in the country with special focus on North Eastern States. He also emphasized the need for Banking expansion in far flung areas by resolving the issues of connectivity and infrastructure.

Nagaraju said that significant progress has been made in expanding social security and deepening financial inclusion in the country through various flagship schemes of the Government, and further urged the Public Sector and Private Sector Banks to dedicatedly work towards bringing more and more people in the fold of Financial Inclusion Schemes so as to further strengthen financial inclusion initiatives taken by the Government.

Secretary, DFS also stressed upon extending the loans to SC/STs under Stand-Up India Scheme and achieving the allocated targets under MUDRA scheme.