DFS secretary chairs review meeting to check progress of Regional Rural Banks

New Delhi: In a statement on Friday, the Ministry of Finance stated that Vivek Joshi, Secretary, Department of Financial Services (DFS) chaired a review meeting as a part of a symposium on ‘Strengthening financial sustainability and operational viability of Regional Rural Banks (RRBs) being conducted at College of Agricultural Banking, Pune on May 11 and 12. During the event, Additional Secretary DFS, Chairman NABARD, CGM RBI, MD/EDs of Sponsor Banks, and Chairpersons of RRBs were also present to review the performance of Regional Rural Banks (RRBs), it added.

Progress made by RRBs on different parameters was discussed

According to the statement, the progress made by RRBs on different parameters defined in their individual viability plans was discussed during the meeting. It was observed that RRBs' financial performance had significantly improved between 2021 and 2022.

Topics covered in the meeting

Other topics covered in the meeting included the need for RRBs to upgrade their technology, strategies for reducing NPAs, IT initiatives, increasing financial inclusion, boosting credit delivery to rural areas, and help provided by sponsor banks to the RRBs, the statement added.

Sponsor banks should actively support respective RRBs

While addressing the gathering, Dr Joshi stressed the necessity for Sponsor Banks to actively support their respective RRBs in supporting the use of technology in order to enable them to serve their clients more effectively, in collaboration with NABARD. Additionally, Dr Joshi asked RRBs to step up their efforts so they can meet the goals set forth in the viability plans in the upcoming year.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)