DFS Secretary stresses focus on timely and quality redressal of public grievances by PSBs

PSBs to align their digital and cybersecurity frameworks with industry best practices and ensure customer protection and operational continuity as top priorities, says Shri M. Nagaraju

Building customised support through investment in technology / data analytics and collaboration in emerging areas to be augmented: DFS Secretary

PSBs to focus on accelerating pace of lending to agriculture & MSMEs

Concerted efforts to be made for deepening of financial inclusion

Shri M. Nagaraju, Secretary, Department of Financial Services (DFS), chaired a review meeting today with MD & CEOs of Public Sector Banks (PSBs) to assess the performance and progress of PSBs across multiple dimensions, including financial soundness, digital initiatives, cybersecurity, customer-centric initiatives and financing support for priority sectors such as agriculture, MSMEs and government flagship financial inclusion schemes.

During the meeting, discussions were held on enhancing the robustness of PSBs, building on recent financial achievements, and addressing strategic challenges with key focus on financial performance indicators, assets and liabilities management, cyber resilience, and digital payments infrastructure.

Shri Nagaraju exhorted the PSBs to continue strengthening their financial and operational frameworks, particularly in light of the evolving market dynamics and cyber security needs.

During the review, the importance of enhancing the Current Account Savings Account (CASA) deposits was underlined, reinforcing the need for PSBs to mobilise CASA deposits so as to further accelerate the pace of sustainable credit growth. PSBs were advised to align their digital and cybersecurity frameworks with best practices, ensuring that customer protection and operational continuity remain top priorities. Specific emphasis was placed on reinforcing credit support to MSMEs and streamlining customer onboarding processes through digital innovations. Besides, PSBs were advised to follow the best HR practices prevailing in the industry for their employees.

The DFS Secretary underscored the importance of financial inclusion initiatives of the Government and urged the PSBs to further intensify their efforts to expand access to various financial services for underserved communities and enterprises.

Shri Nagaraju reviewed the progress under various Financial Inclusion schemes Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Pradhan Mantri Mudra Yojana (PMMY), Stand Up India, PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi), PM Vishwakarma, PM Surya Ghar Yojana, etc. and other flagship schemes which are aimed at bolstering access to credit and enhance economic empowerment.

Secretary, DFS advised PSBs to give more thrust on technological advancements, robust financial health, timely & quality redressal of public grievances through responsible banking practices and to continue to make concerted efforts for enhancing customers’ banking experience.