RRBs need to focus on digitally active customers: Sitharaman
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Managing Directors and CEOs of State Bank of India, Indian Bank, Union Bank of India, Canara Bank, Indian Overseas Bank and NABARD also participated in the discussion. At present, the Center holds 50 per cent stake in RRBs, the respective sponsor banks hold 35 per cent and the state government holds 15 per cent. It is noteworthy that Sitharaman had last month reviewed the functioning of the rural development banks of the northern region. This was the second review meeting.
Union Finance Minister Nirmala Sitharaman on Friday asked regional rural banks to focus on increasing digitally active customers in line with the Centre’s effort to digitize the economy. Sitharaman was here to review the financial performance of Regional Rural Banks (RRBs) in the southern region. During the meeting, Financial Services Secretary Vivek Joshi gave complete information about the financial health of Regional Rural Banks. Presiding over the meeting, the Finance Minister called upon the RRBs to focus on the flagship schemes of the Central Government like Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, PM Swanidhi, Atal Pension Yojana, PM Jan Dhan Yojana, PM Mudra Yojana, Kisan Credit Card (KCC). asked to give
Sitharaman said that the loan-deposit ratio and provisioning ratio for RRBs in the southern region are better than the national average. He asked the Regional Rural Banks and the sponsor banks to improve the Current and Savings Account (CASA) ratio. He also said that RRBs should adopt technology, debt management and core banking system features in a time bound manner. Sitharaman said, “Regional rural banks also need to take steps towards digitization. They should focus on digitally active customers in line with the Centre’s digitization effort.” He urged the RRBs in the region to work closely with the Reserve Bank of India and the concerned state authorities to improve their presence across the state. The meeting was attended by Tamil Nadu Finance Secretary T Udayachandran, Andhra Pradesh, Telangana, Kerala, Puducherry and Karnataka finance ministries secretaries and senior officials.
Managing Directors and CEOs of State Bank of India, Indian Bank, Union Bank of India, Canara Bank, Indian Overseas Bank and NABARD also participated in the discussion. At present, the Center holds 50 per cent stake in RRBs, the respective sponsor banks hold 35 per cent and the state government holds 15 per cent. It is noteworthy that Sitharaman had last month reviewed the functioning of the rural development banks of the northern region. This was the second review meeting.
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