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Informist, Tuesday, Nov. 5, 2024

 

NEW DELHI – Department of Financial Services Secretary Nagaraju Maddirala on Tuesday asked public sector banks to increase their current account savings account deposits to further accelerate the pace of sustainable credit growth, the finance ministry said in a release.

 

At a meeting with managing directors and chief executive officers to review the performance of public sector banks, Nagaraju told lenders to focus on accelerating the pace of lending to agriculture and micro, small and medium enterprises. He also asked state-owned banks to align their digital and cybersecurity frameworks with industry best practices, the ministry release said. 

 

The review meeting comes at a time when banks have faced challenges in raising low-cost funds through current account savings account deposits. With alternative investment avenues becoming more attractive, the Reserve Bank of India and the finance ministry have been urging banks to focus on garnering deposits, which are trailing growth in loans. 

 

Nagaraju and the heads of public sector banks also discussed strategic challenges with the key focus on financial performance indicators, assets and liabilities management, cyber resilience, and digital payment infrastructure, the release said. He also told the banks to focus more on technological advancements and financial health and to continue to make concerted efforts to improve the banking experience of customers.

 

The secretary reviewed the progress under various financial inclusion schemes such as Pradhan Mantri Jan Dhan Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, Atal Pension Yojana, and other schemes which are aimed at bolstering access to credit and enhance economic empowerment, the release said.  End

 

Reported by Shubham Rana

Edited by Saji George Titus

 

 

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