Union Finance Minister Smt. Nirmala Sitharaman chairs the review meeting of Regional Rural Banks of the Northern Region

FM emphasises digital capability upgradation of RRBs by 1st November 2023

Union Finance Minister Smt. Nirmala Sitharaman chaired a review meeting of Regional Rural Banks of the Northern Region in New Delhi, yesterday.

During the review meeting, the Union Finance Minister emphasised on digital capability upgradation of RRBs and instructed the Managing Director & CEO, of Punjab National Bank (PNB) to ensure that all RRBs with PNB acquire digital onboarding capability by 1st November 2023.

Finance Minister Smt. Nirmala Sitharaman urged the RRBs to undertake the removal of duplication of Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts and facilitate storage facilities for apple growers, particularly in J&K and Himachal Pradesh.

Smt. Nirmala Sitharaman chairs the review meeting of Regional Rural Banks of the Northern Region
Photo credit-Press release by PIB

The Union  Finance Minister also said that banks should map RRBs with MSME clusters and put greater thrust on increasing the network of rural branches in cluster areas identified by the Ministry of Micro, Small and Medium Enterprises.

Finance Minister Smt. Nirmala Sitharaman further emphasised increasing penetration under Pradhan Mantri Mudra Yojana (PMMY) and Financial Inclusion and stated that a roadmap has to be prepared for completing the designated activities in a timebound manner. 

Also present during the meeting were the Secretary, Department of Financial Services (DFS), Additional Secretary, other senior DFS officials, representatives of RBI, respective State Governments, NABARD, sponsor Banks and RRBs.

Disclaimer: This is an official press release by Pib.

Digpu News Staff

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