Financial Inclusion Progress Reviewed by Finance Ministry

The Department of Financial Services conducted a review meeting led by Secretary M Nagaraju, discussing the enhancement of financial inclusion through government schemes. Emphasis was placed on expanding banking infrastructure in remote areas. Efforts to achieve targets in schemes like Stand-Up India and MUDRA were underscored.

M Nagaraju, Secretary of the Department of Financial Services in the Ministry of Finance, led a significant review meeting in New Delhi. The session, joined in-person and virtually by leaders from both Public and Private Sector Banks, assessed progress on key financial inclusion initiatives.

The meeting covered the status of various schemes such as the Pradhan Mantri Jan Dhan Yojana, Life and Accident Insurance Schemes, Atal Pension Yojana, and MUDRA scheme. Special focus was given to banking expansion in unbanked and remote areas, especially in the North Eastern States, underscoring the need for improved infrastructure and connectivity.

Secretary Nagaraju highlighted the achievements in expanding social security through these schemes and encouraged banks to further integrate more people into the financial system. He also urged the banks to meet targets for lending under the Stand-Up India and MUDRA schemes, particularly for SC/ST beneficiaries.

(With inputs from agencies.)