FinMin meets pvt sector bankers; reviews progress of financial inclusion schemes

The finance ministry on Tuesday held a meeting with private sector lenders to review progress made by them under the flagship financial inclusion and social security schemes.

«Dr. Vivek Joshi, Secretary DFS chaired a meeting today with the representatives of Private Sector Banks, Small Finance Banks and Payment Banks to review the progress made by them under various Financial Inclusion initiatives (PMJDY, PMJJBY, PMSBY, APY, PM SVANidhi, etc.),» Department of Financial Services said in a tweet.

Vivek Joshi, Secretary DFS had met heads of public sector banks and urged them to achieve targets under various schemes for current financial year.

During the meeting, progress of various social security (Jan Suraksha) 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 and Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PMSVANidhi), and Agri credit etc, were reviewed.

Indian Banks’ Association (IBA) has already been requested to expedite the Consumer Service Rating for all Scheduled Commercial Banks to gauge the consumer expectation and enable banks to raise their standards of services delivery to every segment.

The Finance Ministry had recently called a meeting of CEOs of banks, including top six private sector lenders,  to discuss ways to promote cross-border trade in the rupee instead of the US dollar.

The meeting will be attended by other stakeholders, including senior officials of external affairs and commerce ministries, will review the progress made on this front so far, reported news agency PTI quoting a source.

Following detailed guidelines from the Reserve Bank of India (RBI) on cross-border trade transactions in domestic currency in July, about nine special vostro accounts have been opened with two Indian banks to facilitate overseas trade in the rupee.

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