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Banks should work towards banking the unbanked, funding the unfunded: Dr Bhagwat Karad


MUMBAI, APR 24, 2023

Union Minister of State for Finance Dr. Bhagwat Karad on Monday asked bankers to focus on banking the unbanked, securing the unsecured and funding the unfunded.

Speaking at a review meeting on Financial Inclusion Parameters of Western Maharashtra in Satara today, the Minister further said that the PM Svanidhi scheme gives small loans to needy people without the condition of a collateral or a CIBIL score.

The Minister asked to increase banking penetration in rural areas. He directed banks to reduce the waiting period for loan disbursement. “Even a developed state like Maharashtra has scope for increasing the number of bank branches in rural areas. Banks need to work towards that goal,” the Minister said.

“In our target towards becoming five trillion economy, banking sector is a big pillar,” said Dr Karad, adding that new voters should be incorporated into the banking sector by opening their bank accounts, and special camps should be arranged for the same.

He suggested imbibing a competitive spirit among the banking sector for development of all.

The Minister on this occasion appreciated the all round performance achieved by Kolhapur District on Financial inclusion parameters.

He further said that with respect to schemes like Svanidhi, Maharashtra has performed better than national average. However, there is scope for performance improvement in the MUDRA Scheme, where Maharashtra is lagging behind the national average.

On this occasion, the Minister also took a performance review of NABARD in Western Maharashtra region. Members of Parliament Jaisiddeshwar Shivacharya Mahaswamiji and Shriniwas Patil, MLA Jaykumar Gore and representatives of various banks were present on the occasion.

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