Banks should enhance digital outreach, ensure end-to end digital processing of loans: DFS Secretary

New Delhi, Oct 6 (IANS) While significant progress has been made in deepening financial inclusion in the country through various flagship schemes of the Government, banks should make efforts for further enhancing their digital outreach and focus on end-to end digital processing of loans, Sanjay Lohiya, Secretary, Department of Financial Services (DFS) said on Tuesday.

The DFS Secretary chaired a review meeting with heads of all public sector banks (PSBs) and executive directors of major private sector banks (PVBs) here.

The review meeting was also attended by senior officials of the Department of Financial Services (DFS).

Providing working capital loans through channels like credit lines on UPI and credit cards for micro-enterprises (CCME) was also explained.

Lohiya discussed in detail the progress made by banks under financial inclusion. He urged the private sector banks to increase their participation in financial inclusion schemes.

Lohiya directed the banks to increase awareness of claim eligibility in Jansuraksha insurance schemes so that the nominees receive the amount after the unfortunate demise of the beneficiary.

Banks were also advised to take specific care while handling grievances related to claims under these schemes.

The DFS Secretary also asked banks to enroll all new beneficiaries of PMJJBY and PMSBY through the Jan Suraksha portal, as the portal will be integrated with all banks and insurers thereby enhancing the quality of data and ease of operations.

During the meeting, ways to increase the persistency ratio of the Atal pension yojana were also discussed.

A detailed review of the progress under various financial inclusion 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 Yojana (PMMY), Stand Up India, PM Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi), PM Vishwakarma, PM Surya Ghar, KCC, etc. was undertaken during the meeting.

The progress of opening of brick & mortar branches of banks and deployment of business correspondents (BCs) in unbanked villages was also reviewed.

–IANS

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