Bhagwat Karad, the Union Minister of State for Finance, emphasised the need of integrating ‘new voters’ into the banking industry by encouraging the establishment of their bank accounts on Monday.
Speaking at a review meeting of Western Maharashtra’s Financial Inclusion Parameters, the MoS recommended setting up dedicated camps to incorporate the ‘new voters’ above the age of 18 in the banking system.
Additionally, he emphasised the need of banks helping the unbanked, safeguarding the unsecured, and financing the underfunded via different government programmes.
Karad referred to the PM Svanidhi Scheme, which provides modest loans to those in need without requiring collateral or a high CIBIL score.
In order to help the nation achieve its goal of creating a $5 trillion economy, the MoS urged banks to expand their presence in rural regions and shorten the time it takes to distribute loans.
Even a developed state like Maharashtra, according to Karad, has room to expand the number of bank branches in rural regions. He also said that the banking industry has to adopt a “competitive spirit” in order to advance generally.
