News

Wednesday
June, 19

South RRBs’ performance in certain parameters is better than national average: FM

Featured in:


Finance Minister Nirmal Sitharaman on Friday said regional rural banks (RRBs) in South India performed better than the national average in certain parameters.

The CD ratio, gross NPAs, and provision coverage ratio (PCR) of RRBs of the Southern region were better than the national average. However, RRBs have to improve the current and aavings account (CASA) ratio, she said while chairing a review meeting with Chairpersons and senior officials of Regional Rural Banks RRBs from the Southern Region, in Chennai.

The meeting was also attended by the Secretary, Department of Financial Services, and senior RBI officials Reserve Bank of India, with representation by the Finance/Special Secretaries/senior officers of the Finance Department of Tamil Nadu, Andhra Pradesh, Telangana, Kerala, Puducherry, and Karnataka, according to a statement.

Also read: SBI Q1 profit jumps over two-fold to ₹16,884 crore

The meeting was also attended by Managing Directors and CEOs of the State Bank of India, Indian Bank, Union Bank of India, Canara Bank, Indian Overseas Bank and Nabard.

Sitharaman urged the RRBs to continue their focus on the flagship schemes of the Central Government such as PMJJBY, PMSBY, PM SVANidhi, Atal Pension Yojana, PM Jan Dhan Yojana, PM Mudra Yojana, KCC, and KCC Animal Husbandry & Fisheries and aim for their saturation.

Tech adoption

She asserted that better adoption of technology, loan management system, and core banking systems should be done in a time-bound manner in the RRBs of the Southern region. “RRBs should focus on increasing digitally active customers in line with the government’s effort to move towards greater digitalisation,” she added.

He also urged the sponsor banks to map RRBs with MSME clusters and improve their presence in those clusters, while devising innovative products for the MSME to serve them in a better way.

Also read: UPI transactions grow 44% to ₹15-lakh crore in July

She also urged RRBs in the southern region to work closely with the RBI and State Authorities concerned to improve their physical presence across the state.

She also highlighted leveraging Account Aggregator Framework, especially for lending to the allied agricultural sector like fisheries and animal husbandry, besides granting loans to street vendors under PM SVANidhi.





Source link

Find us on

Latest articles

- Advertisement - spot_imgspot_img

Related articles

Kotak Mahindra shares rise 4% on RBI nod to...

Kotak Mahindra shares rise 4% on RBI nod to Zurich Insurance buying 70% in Kotak General Kotak Mahindra...

Adani Green Energy, Adani Enterprises, Adani Ports Shares Rallied...

Adani Green Energy, Adani Enterprises, Adani Ports Shares Rallied Up to 12% Today. Here's Why Adani stocks: Motilal...

Vodafone Idea shares zoom 14% today; key technical levels...

Vodafone Idea shares zoom 14% today; key technical levels to watch out for Vodafone Idea share price: The...

SCREEN Launches High-Density SU Ink For Uncoated Papers Used...

SCREEN Launches High-Density SU Ink For Uncoated Papers Used By Truepress JET 520HD Mono It has developed this...

Nadeem Amin is the New President for Netstal Americas

Nadeem Amin is the New President for Netstal Americas Netstal appoints Nadeem Amin as its new President for...

Crypto Market Watch: Bitcoin Surpasses $70,000; Eyes Set on...

Crypto Market Watch: Bitcoin Surpasses $70,000; Eyes Set on New Highs Bitcoin's price surged past $70,000 on Tuesday,...