Pvt banks catch up PSBs fin inclusion schemes Financial Services Secretary Vivek Joshi
Financial services secretary Vivek Joshi urges banks to operationalize inoperative accounts, increase private sector participation in financial inclusion, and fight cyber fraud.
Financial services secretary Vivek Joshi emphasized the need for banks to take action on a number of key issues during a recent address. These include the operationalization of inoperative accounts, the encouragement of nominations, and the creation of awareness about cyber fraud. Joshi also stressed the importance of increasing private sector participation in financial inclusion initiatives, highlighting the need for private sector banks to catch up with their public sector counterparts in this regard.
During his speech at the Global Inclusive Financial Summit, Joshi urged private sector banks to increase their involvement in the PMJDY (PM Jan-Dhan Yojana) and Jan Suraksha schemes in order to help the government achieve its ambitious goals. He also emphasized the importance of collaboration among all stakeholders to build a financially inclusive society.
Joshi noted that 55% of PMJDY accounts are owned by women and expressed optimism about the country's progress towards the goal of providing every adult with at least one basic bank account. He highlighted the addition of 30 million Jan Dhan accounts annually as evidence of this progress.
In addition to these initiatives, the government has taken steps to address the challenges posed by cybersecurity and digital payment fraud. The financial services secretary reported that the government has suspended seven million mobile numbers due to suspicious transactions, underscoring the importance of vigilance in this area.
Comments on Pvt banks catch up PSBs fin inclusion schemes Financial Services Secretary Vivek Joshi