FinMin asks PSBs to enhance rural banking

New Delhi: Finance Ministry on Wednesday advised the chiefs of public-sector banks (PSBs) to expedite the opening of more brick-and-mortar branches in villages to further strengthen financial inclusion initiatives taken by the government.

Vivek Joshi, Secretary, Department of Financial Services, Ministry of Finance, told PSB chiefs at a review meeting held here that while significant progress has been made in expanding social security and deepening financial inclusion in the country through various flagship schemes of the government, banks must industriously work towards reaching the last mile to further strengthen financial inclusion initiatives taken by the government.

The issues related to CKYC, Jan Samarth portal & Aadhar seeding etc were also discussed during the review meeting meeting.

He took a detailed review of the progress made in opening brick-and-mortar branches of banks in unbanked villages.