1 day ago
Finance Ministry Urges Private Banks to Expand Inclusion Lending
India’s Finance Ministry wants private banks to do more to help people access financial services.
It asked them to increase lending through the Mudra and Stand-Up India schemes.
Financial Services Secretary Sanjay Lohiya met with public and private bank representatives to review several government programs.
These include schemes for bank accounts, insurance, pensions and small-business loans.
Lohiya also asked banks to join a financial inclusion campaign from October 21 to December 31.
He said private banks should pay more attention to people who have fewer resources and make sure their banking needs are served.
The Finance Ministry urged private banks to increase participation in PMMY and Stand-Up India.
Financial Services Secretary Sanjay Lohiya chaired a review meeting with public and private bank representatives.
Lohiya asked banks to participate in a financial inclusion saturation campaign running October 21 to December 31.
He called on private banks to focus more on marginalised communities and their banking needs.
The meeting reviewed progress across schemes including Jan Dhan, insurance, pension and Mudra programs.
- Who
- Financial Services Secretary Sanjay Lohiya and officials from public and private sector banks.
- What
- The Finance Ministry urged private banks to expand participation in financial inclusion schemes, including Mudra and Stand-Up India.
- Where
- New Delhi.
- When
- Tuesday; the campaign is scheduled for October 21 to December 31.
- Why
- To strengthen financial inclusion, serve marginalised sections and meet their banking needs.
Key facts
- Official
- Financial Services Secretary Sanjay Lohiya
- Meeting participants
- Heads of public sector banks and senior officials of major private sector banks
- Campaign dates
- October 21 to December 31
- Schemes highlighted for greater private-bank participation
- Pradhan Mantri Mudra Yojana and Stand-Up India
- Other schemes reviewed
- Pradhan Mantri Jan Dhan Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana and Atal Pension Yojana
Sources
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