DFS Secretary holds review meeting with PSB heads

New Delhi: Vivek Joshi, Secretary, Department of Financial Services (DFS), Ministry of Finance, chaired a full day review meeting with heads of Public Sector Banks (PSBs) and financial institutions on Thursday, stated the finance ministry in a statement.

"During the meeting, the progress of various social security 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 were reviewed," the statement added.

Banks should organise financial literacy camps: Finmin

"Besides reviewing the progress under the social security schemes promoting financial inclusion, PSBs were exhorted to achieve the targets allocated to them under the schemes for the FY 2022-23," it added.  Also, it stated that banks should organise financial literacy camps so that awareness about various financial inclusion schemes including micro insurance schemes, digital financial transactions including UPI Lite can be further promoted.

'Banks need to put in all efforts to make customer experience more enriching'

"It was appreciated that ease of access to banking services has been strengthened in the last seven to eight years and now having provided access to banking services to bottom of the pyramid, banks need to put in all efforts to make customer experience more enriching and pleasant for sustainable banking relationship," said the finance ministry.

Further, the statement added, "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 to enable banks to raise their standards of services delivery to every segment of the customer."

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IBC amendments were discussed during the meeting

"The amendments proposed in Insolvency and Bankruptcy Code (IBC) with regard to reducing the delays in the processes relating to admission, resolution, National Company Law Tribunal's (NCLT) approval and liquidation were also discussed in presence of officials from Ministry of Corporate Affairs and Insolvency and Bankruptcy Board of India (IBBI)," stated the ministry.

'PSBs to take help of PM KISAN database to provide KCC facilities to farmers'

"PSBs were also requested to take help of PM KISAN database with an aim to provide Kisan Credit Card (KCC) facility to all the farmers in the country. The progress of Agriculture Infrastructure Fund (AIF) scheme was also reviewed. Officials from Department of Agriculture & Farmers' Welfare were also present in the review related to agricultural credit," it added.

"The progress in digitisation of process for getting the KCC was also discussed to improve the transparency. PSBs were advised to take necessary steps to digitise entire journey of KCC loans in a timebound manner. The digitisation of KCC-Modified Interest Subvention Scheme (MISS) was also discussed and banks were told to start using the portal for their claims from FY 2021-22 onwards," it added.

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