Nirmala Sitharaman, the Union Finance Minister, has encouraged Regional Rural Banks (RRBs) to link rural clients with digital services such as internet banking, mobile banking, and UPI.
During a review meeting in Patna on Friday, the minister highlighted the significance of digital inclusion with eight RRBs from Bihar, Jharkhand, Odisha and West Bengal. During the meeting, Sitharaman instructed the RRBs to focus on registering customers for digital services. She established a deadline of December 2024 to finish this task. She also urged the RRBs to encourage their customers to use digital services, with the backing of their sponsor banks. She mentioned that RRBs should prioritize linking customers to digital services such as internet banking, mobile banking, and UPI. She emphasized the need to enhance credit availability to stimulate business expansion, particularly for ventures in agriculture and micro and small enterprises.
Sitharaman also emphasized the importance of boosting the amount of credit provided to women self-help groups (SHGs). She encouraged state governments to collaborate with NABARD and SIDBI in supporting the growth of SHGs into businesses. She indicated that the One District One Product (ODOP) programme has the potential to increase self-employment opportunities in the area, and instructed financial institutions to offer training and marketing assistance to Self-Help Groups (SHGs).
Eastern Region made a total profit of Rs 625 crore in FY 2024
The minister reported that the RRBs in the Eastern Region made a total profit of Rs 625 crore in FY 2024, compared to a loss of Rs 690 crore in FY 2023. Sitharaman emphasized the importance of upholding asset quality, enhancing digital services, and ensuring robust corporate governance in RRBs to address future obstacles.