Finance Minister chairs review meeting of Regional Rural Banks of Northern Region

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

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

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

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

Finance Minister Smt. Sitharaman further emphasised on 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 Secretary, Department of Financial Services (DFS), Additional Secretary, other senior DFS officials, representatives of RBI, respective State Governments, NABARD, sponsor Banks and RRBs.