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TMI BlogUnion Finance Minister Smt. Nirmala Sitharaman chairs meeting to review performance of nine Regional Rural Banks (RRBs) of Gujarat, Maharashtra, Madhya Pradesh, Chhattisgarh and Rajasthan, in Udaipur, todayX X X X Extracts X X X X X X X X Extracts X X X X ..... Union Finance Minister Smt. Nirmala Sitharaman chairs meeting to review performance of nine Regional Rural Banks (RRBs) of Gujarat, Maharashtra, Madhya Pradesh, Chhattisgarh and Rajasthan, in Udaipur, today - News and Press Release Dated:- 22-8-2024 - News - Union Finance Minister Smt. Nirmala Sitharaman chairs meeting to review performance of nine Regional Rural Banks (RRBs) of Gujarat, Maharash ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tra, Madhya Pradesh, Chhattisgarh and Rajasthan, in Udaipur, today - - - Dated:- 22-8-2024 - Smt. Sitharaman urges RRBs to generate awareness of Government schemes, especially in aspirational districts Union Finance Minister acknowledges the improvement in technology upgradation of nine RRBs of Western Central region since 2022 Smt. Sitharaman emphasises on active outreach by RRB branches located ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in MSME clusters to ensure credit to small and micro enterprises Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman chaired a meeting to review performance of nine Regional Rural Banks (RRBs) of the states of Gujarat, Maharashtra, Madhya Pradesh, Chhattisgarh and Rajasthan, in Udaipur, today. Shri M. Nagaraju, Secretary, Department of Financial Services (DFS), Additional Secr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etary, other senior DFS officials, Chairpersons of RRBs and CEOs of Sponsor Banks, representatives of RBI, SIDBI and NABARD and senior officers of 5 states were also present during the meeting. The review meeting focused on business performance, upgrading digital technology services, fostering business growth in MSME clusters, and deepening of financial inclusion in rural areas. Given the crucial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... role of RRBs in supporting the rural economy, the Union Finance Minister urged RRBs to generate awareness of Government schemes, especially in aspirational districts. Smt. Sitharaman noted lower offtake of MUDRA scheme in Bundelkhand region, and directed State Level Bankers Committee (SLBC) to hold specific meetings with State Government officials, Sponsor Banks and RRBs to improve performance of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... MUDRA scheme along with other financial inclusion schemes in Bundelkhand region and aspirational districts. The Union Finance Minister noted the natural potential of PM Surya Ghar Muft Bijli Yojana scheme in states of Gujarat and Rajasthan and urged RRBs to generate awareness and provide credit under the scheme. Potential of One District One Product (ODOP) programme was also highlighted to increas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e credit penetration by RRBs. Similarly, RRBs were directed to identify potential trades under PM Vishwakarma scheme in their areas of operation to provide credit. RRBs were also directed to increase their share in ground level agriculture credit disbursement and achieve the stated objectives of Priority Sector Lending. Consolidated Capital to Risk (Weighted) Assets Ratio (CRAR) of RRBs has increa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed from 7.8% in FY 2021 to 13.7% in FY 2024 and profitability has improved from losses of Rs. 41 crore in FY 2021 to net profit of Rs. 2,018 crore in FY 2024 and Gross Non-Performing Assets (GNPA) are relatively lower with a ratio of 3.9%. Smt. Sitharaman acknowledged the satisfactory improvement in the technology upgradation of the nine RRBs of Western Central region since 2022 the year when reg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ular review of RRBs started; and urged these RRBs to continue the momentum in future also. The Union Finance Minister directed RRBs to leverage their healthy CASA ratio to disseminate more credit and also urged intervention of RBI in resolving the pending dues to RRBs from State Governments, apart from the efforts being taken by the Government and Sponsor Banks. During the review meeting, the Fina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce Minister also directed RRBs to become more customer friendly and leverage its local connect to further improve performance. The Sponsor Banks have a significant role in these endeavours by providing technical assistance, sharing best practices, and ensuring that RRBs have access to the resources they need to succeed. Smt. Sitharaman emphasised on active outreach by RRB branches located in MSME ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clusters to ensure credit to small and micro enterprises. All RRBs have devised customised MSME products aligning with cluster activities. However, they need to regularly review their credit portfolio in that segment. The Union Finance Minister also highlighted that Sponsor Banks and RRBs must recognise the challenges that lie ahead, especially maintaining asset quality, expanding digital service ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, and ensuring robust corporate governance are the areas that require continued focus. - - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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