Private Banks Urged to Boost Pension Scheme Accounts

Additional Deputy Commissioner Bilaspur Nidhi Patel emphasized the need for private banks to increase participation in government pension schemes. During a recent meeting, she noted the disparity between government and private banks in account openings and urged officials to boost efforts. Low credit deposit ratios were also addressed.

Additional Deputy Commissioner Bilaspur Nidhi Patel has called on private sector banks to enhance their efforts in offering government pension schemes. During a bankers' committee meeting on Friday, Patel highlighted the significant gap in the number of accounts opened by private banks versus government banks under central government social security schemes, describing the situation as 'shocking.'

Among the key schemes mentioned were the Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, and the Atal Pension Yojana. Patel directed officials from ICICI Bank, Axis Bank, and HDFC Bank to ensure a substantial increase in account openings for these schemes ahead of the next quarterly review.

She also addressed the concerningly low credit deposit (CD) ratio of private banks, which rose slightly from 25.49% to 26.92% in the last quarter, urging an uptick in loan distribution to stimulate regional development. Additionally, Patel expressed concern over the low agricultural loan disbursals, particularly by SBI, and called for more awareness camps in rural and urban areas about central and state schemes.

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