New Delhi [India], Ministry of Finance urged public sector banks (PSBs) to work towards reaching the last mile to strengthen the government's efforts to promote financial inclusion.
At a meeting held in New Delhi on Tuesday, Department of Financial Services (DFS) Secretary Dr Vivek Joshi chaired a meeting in which initiatives like CKYC, Jan Samarth portal, Aadhar seeding and other schemes were reviewed relevant.
Vivek Joshi asked banks to make more efforts to improve customer experience across banking services.
According to the ministry, the government has made financial inclusion a top priority. Financial inclusion aims to unlock the country's growth potential by providing financial services to a considerable portion of the underserved population. To provide universal banking services to all unbanked households, the government launched the National Mission for Financial Inclusion (NMFI), also known as Pradhan Mantri Jan Dhan Yojana (PMJDY) in August 2014.
The program is based on the guiding principles of banking the unbanked, insuring the unsecured, financing the unfunded, and serving unserved and underserved areas.
The objective of the meeting was to assess the status of financial inclusion initiatives with senior executives of UIDAI, Nabard, Sidbi, Mudra Ltd, CERSAI and NCGTC as well as heads of PSBs.
Additionally, the meeting also examined the establishment of physical bank branches in unbanked villages.
Vivek Joshi acknowledged the substantial progress in expanding social security and deepening financial inclusion through the government's flagship schemes.
He urged PSBs to work diligently to extend these initiatives to the last mile. The discussions also covered issues related to CKYC, Jan Samarth portal and Aadhar seeding.
During the meeting, he stated that while the government's flagship programs have made great strides towards deepening financial inclusion and extending social security to the entire country, he urged the PSOs to strive to complete the last mile to support the financial inclusion initiatives of the government, an official statement added.
Amit Agrawal, CEO, Unique Identification Authority of India (UIDAI), also participated in the meeting to showcase the new product launched by UIDAI to benefit banks while doing Aadhar authentication.
At a meeting held in New Delhi on Tuesday, Department of Financial Services (DFS) Secretary Dr Vivek Joshi chaired a meeting in which initiatives like CKYC, Jan Samarth portal, Aadhar seeding and other schemes were reviewed relevant.
Vivek Joshi asked banks to make more efforts to improve customer experience across banking services.
According to the ministry, the government has made financial inclusion a top priority. Financial inclusion aims to unlock the country's growth potential by providing financial services to a considerable portion of the underserved population. To provide universal banking services to all unbanked households, the government launched the National Mission for Financial Inclusion (NMFI), also known as Pradhan Mantri Jan Dhan Yojana (PMJDY) in August 2014.
The program is based on the guiding principles of banking the unbanked, insuring the unsecured, financing the unfunded, and serving unserved and underserved areas.
The objective of the meeting was to assess the status of financial inclusion initiatives with senior executives of UIDAI, Nabard, Sidbi, Mudra Ltd, CERSAI and NCGTC as well as heads of PSBs.
Additionally, the meeting also examined the establishment of physical bank branches in unbanked villages.
Vivek Joshi acknowledged the substantial progress in expanding social security and deepening financial inclusion through the government's flagship schemes.
He urged PSBs to work diligently to extend these initiatives to the last mile. The discussions also covered issues related to CKYC, Jan Samarth portal and Aadhar seeding.
During the meeting, he stated that while the government's flagship programs have made great strides towards deepening financial inclusion and extending social security to the entire country, he urged the PSOs to strive to complete the last mile to support the financial inclusion initiatives of the government, an official statement added.
Amit Agrawal, CEO, Unique Identification Authority of India (UIDAI), also participated in the meeting to showcase the new product launched by UIDAI to benefit banks while doing Aadhar authentication.
