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Time of India

Private banks told to step up Jan Suraksha, credit outreach play

The government is urging private sector banks to increase their involvement in key financial inclusion initiatives like Jan Suraksha and SLBCs. Concerns have been raised about the insufficient engagement of some private banks, hindering the effectiveness of these programs. The government is emphasizing the need for faster claim settlements and improved banking infrastructure in rural areas and the Northeast. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: The government has directed private sector banks to step up participation in flagship schemes such as Jan Suraksha and to play a more active role in State Level Bankers' Committees (SLBCs) for settling issues concerning micro and small enterprises and other credit outreach officials from both public and private sector banks decided at a meeting last month to closely monitor progress on the matter and take remedial action where necessary, said two people familiar with the developments."It was observed that where some private banks are lead banks in some schemes and programmes, they have not been actively engaging with other stakeholders, which leads to low participation," said an official, adding that the government has also asked the Indian Banks' Association (IBA) to take up the matter with individual banks.A state-run bank executive said the bulwark of the financial inclusion campaign always rests with public sector banks (PSBs). "We are government-owned, and it's also our social responsibility, but if pursued correctly, it can be viable, as reflected in PMJDY accounts, which are low-cost deposits," he there are nearly 5.6 million accounts opened through PMJDY having a balance of Rs 2.61 lakh crore. Women account holders comprise over 55% of PMJDY June, M Nagaraju, financial services secretary, chaired a meeting to review the progress and performance of various financial inclusion schemes, including Jan Dhan Yojana , and insurance, and pension schemes under Jan Suraksha and PM Vishwakarma, with senior management of private sector the time, Nagaraju stressed on fast settlement of claims under Jan Suraksha schemes and the augmentation of banking infrastructure in rural areas and the Northeast, according to a finance ministry Centre has launched a three-month campaign starting July 1 to deepen adoption of Jan Dhan Yojana accounts, Jeevan Jyoti Bima Yojana, Atal Pension Yojana and other welfare the first month of the nationwide campaign, 105,000 camps were held in as many GPs covering a third of the total GPs in the country, with over 600,000 PMJDY accounts opened, over 700,000 enrolments under PMJJBY, about 1.2 million enrolments under PMSBY and 300,000 enrolments under APY. Re-KYC has been done in over 1.42 million bank accounts through these camps.