Connect with us

Hi, what are you looking for?

Digital Transformation

FM: Banks must ensure PMSVANidhi beneficiaries onboard digital payment systems

FM: Banks must ensure PMSVANidhi beneficiaries onboard digital payment systemsFinance Minister Nirmala Sitharaman chaired a meeting recently to review the performance of public sector banks (PSBs) on various financial health parameters for the financial year 2022-23. Discussions were held with the heads of PSBs on the positive macro trends, improved business sentiments, ‘Twin balance sheet advantage’ and performance of PSBs. It was noted that all the major financial parameters such as credit deployment, profitability, asset quality, capital adequacy and so on indicate that the performance of PSBs has significantly improved.

The FM emphasised banks’ adherence to the regulatory framework by focusing on risk management, and diversification of business base. The business outlook is progressively improving in spite of the headwinds from recent global banking sector developments. Manoj Joshi, Secretary, MoHUA, highlighted the progress on PMSVANidhi Scheme through a presentation. He said that efforts are being taken to improve the adoption of digital payment tools and around 33 lakh beneficiaries are digitally active. The FM asked the banks to lead a special campaign to ensure the onboarding of the PMSVANidhi beneficiaries on digital payment systems; and meet the targets for the credit to street vendors under and the momentum of disbursals gained under PMSVANidhi should be sustained. It was decided that MoS Dr Bhagwat Karad will visit different regions of the country in six phases before September 1, 2023, for the special credit outreach drive on PMSVANidhi.

PR Newswire