Finance Ministry Pushes Banks to Boost Financial Inclusion in India

The Finance Ministry of India, led by Dr. Vivek Joshi, has called on Public Sector Banks (PSBs) to enhance their efforts in promoting financial inclusion. During a meeting held in New Delhi, various initiatives such as CKYC, the Jan Samarth portal, and Aadhar seeding were reviewed.

Key Points Discussed

Dr. Vivek Joshi, Secretary of the Department of Financial Services (DFS), chaired the meeting and emphasized the importance of improving customer experience across banking services. The government has prioritized financial inclusion to unlock the country’s growth potential by providing financial services to underserved populations.

The National Mission for Financial Inclusion (NMFI), also known as the Pradhan Mantri Jan Dhan Yojana (PMJDY), was launched in August 2014 to offer universal banking services to every unbanked household. The program focuses on banking the unbanked, securing the unsecured, funding the unfunded, and serving underserved areas.

Meeting Participants

The meeting included senior executives from various organizations such as UIDAI, Nabard, Sidbi, Mudra Ltd, CERSAI, and NCGTC, along with heads of PSBs. Discussions covered the establishment of brick-and-mortar bank branches in unbanked villages and issues related to CKYC, the Jan Samarth portal, and Aadhar seeding.

Dr. Joshi acknowledged the significant progress made in expanding social security and deepening financial inclusion through the government’s flagship schemes. He urged PSBs to work diligently to extend these initiatives to the last mile.

Amit Agrawal, CEO of the Unique Identification Authority of India (UIDAI), also participated in the meeting to showcase a new product launched by UIDAI to assist banks in Aadhar authentication.