Nirmala Sitharaman chaired review meeting of Regional Rural Bank (RRB) in Chennai

Last Updated on August 6, 2023 by Brajesh

Nirmala Sitharaman chaired review meeting of Regional Rural Bank (RRB) in Chennai. Few important topic were discussed in this meeting with lots of focus on improvement of technology and focus on flagship scheme of Government for the benefit of common people in rural part of the country.

Presentation on financial performance of Regional Rural Banks was given by DFS Secretary, Dr. Vivek Joshi.

Attendees

The meeting was attended by :-

  • Finance Minister, Smt. Nirmala Sitharaman
  • Secretary Department of Financial Services Dr Vivek Joshi.
  • Finance Secretary of Tamil Nadu Shri T. Udhayachandran.
  • Senior officials of Regional Rural Banks.
  • Finance/Special Secretaries/senior officers of the Finance Department of :-
    • Tamil Nadu, Andhra Pradesh, Telangana, Kerala, Puducherry and Karnataka.
  • The MDs and CEOs of :-
    • State Bank of India, Indian Bank, Union Bank of India, Canara Bank, Indian Overseas Bank and NABARD

Highlights of Discussion

Finance Minister Smt. Nirmala Sitharaman stressed that the Regional Rural Banks should continue their focus on the flagship schemes of the Central Government such as Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, PM SVANidhi, Atal Pension Yojana, PM Jan Dhan Yojana, PM Mudra Yojana, Kisan Credit Cards (KCC), KCC Animal Husbandry & Fisheries, etc and aim for their saturation.

She also highlighted leveraging Account Aggregator Framework especially for lending to the Allied agricultural sector like fisheries and animal husbandry, besides granting loans to street vendors under PM SVANidhi scheme.

Finance Minister also praised RRB’s highlighting that the CD Ratio, Gross NPAs, and Provision Coverage Ratio (PCR) of Regional Rural Banks of the Southern region was better than the national average.

Nirmala Sitharaman also encouraged bank to improve the low cost CASA Deposit /ratio of the bank.

Special Focus on Technology adoption

The Union Finance Minister stated that better adoption of technology, Loan Management System and Core Banking System should be done in a time-bound manner in the RRBs of the Southern region. The Finance Minister further said that RRBs should focus on increasing digitally active customers in line with government’s effort to move towards greater digitalisation.

Finance Minister Suggestion

Finance Minister also said that Sponsor Banks should map RRBs with MSME clusters and improve their presence in these clusters, while devising innovative products for the MSME to serve them in a better way. She exhorted RRBs from the region to work closely with the RBI and State Authorities concerned to improve their physical presence across the state.

 

Sources Press Information Bureau

 

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