NEW DELHI: Nirmala Sitharaman, the minister of finance, suggested identification of credit-deficient districts in each state and carrying out special credit outreach camps there.
She also suggested calling a special meeting of the district-level review committee between July 15 and August 15 and inviting MPs from those areas to further discuss suggestions for promoting financial inclusion by establishing Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts.
While presiding over a meeting of a consultative committee related to the finance ministry that was centred on financial inclusion, she made this statement. Sitharaman examined the MUDRA Yojana, Jan Suraksha programmes, and PMJDY developments during the discussions.
Along with MPs from the consultative committee from the Lok Sabha and Rajya Sabha, the conference was also attended by the Ministers of State for Finance Pankaj Chaudhary and Bhagwat Karad.
The conference also included senior members of the Finance Ministry, the RBI, NABARD, and other public sector banks.
The banking secretary gave a presentation outlining the achievements to date and the future directions for the government's drive to increase financial inclusion.
The Finance Minister mentioned that for those still outside bank reach, the MPs should pro-actively partake in the financial inclusion endeavours, and guide banks and financial institutions for their effective implementation in their constituencies.
Financial inclusion refers to the accessibility and availability of financial services to individuals and businesses, particularly those who are traditionally underserved or excluded from the formal financial system. It aims to provide access to affordable and appropriate financial products and services, such as savings accounts, loans, insurance, and payment systems, to empower individuals and promote economic development.
Financial inclusion plays a crucial role in reducing poverty, fostering economic growth, and promoting social equality. When individuals have access to financial services, they can save money, invest in education or business ventures, manage risks through insurance, and participate more actively in the economy. This not only improves their livelihoods but also contributes to overall economic stability and development.
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