New Delhi: In a recent development, Finance Minister Nirmala Sitharaman has taken a decisive step by instructing regional rural banks (RRBs) to expunge duplicate Jan Dhan accounts from their records. The directive also encompasses the provision of storage facilities for apple growers, particularly targeting those situated in the regions of Jammu & Kashmir and Himachal Pradesh.

The pronouncement was made during a comprehensive review meeting focused on RRBs. Sitharaman accentuated the imperative nature of enhancing digital capabilities within these banks. One of the specific directives emerged for the Chairman of Punjab National Bank (PNB), under whose purview multiple RRBs fall, mandating the acquisition of digital onboarding capability by all RRBs within this group before November 1, 2023.

Key attendees of the meeting included the Banking Secretary and Additional Secretary, alongside the heads of various RRBs, officials from the Reserve Bank of India (RBI), and representatives from the National Bank for Agriculture and Rural Development (NABARD).

Expanding on her directives, Sitharaman urged banks to establish a linkage between RRBs and Micro, Small and Medium Enterprises (MSME) clusters. She highlighted the significance of augmenting the rural branch network in areas marked as MSME clusters by the Ministry of MSME.

Moreover, Sitharaman stressed the importance of expanding the outreach of the Mudra Yojana, a financial scheme aimed at supporting microenterprises, and fostering financial inclusion. She underscored the necessity of devising a well-defined roadmap to ensure the timely accomplishment of the designated tasks.

Modi Government's Initiatives Foster Formalization of MSMEs, Boost Economic Growth: SBI Research

Nirmala Sitharaman Unveils HSBC India's Green Hydrogen Innovations