FM urges PSBs to carry out special drives to garner deposits; focus on efficient customer service

FM also emphasised on a collaborative approach between banks, Government, regulators and security agencies against frauds and cyber security risks.

Finance Minister Nirmala Sitharaman on August 19 urged public sector banks (PSBs) to carry out special drives to garner deposits and focus on efficient customer service. The focus is to be kept on rural and semi rural areas, the FM said.

In a review meeting with the banks in Delhi, Sitharaman discussed various financial parameters such as deposit mobilization, digital payments and cyber security, implementation of new credit products, schemes and access to credit under financial inclusion.

FM also emphasised on a collaborative approach between banks, Government, regulators and security agencies against frauds and cyber security risks.

“Banks must expeditiously implement recent Budget announcements, including, a new credit assessment model for MSMEs based on digital footprints and cash-flows,” she said.

Sitharaman also instructed banks to focus on further increasing credit flow to eligible beneficiaries under initiatives like PM Surya Ghar Muft Bijli Yojana and PM Vishwakarma Yojana