Banks Should Work Towards Banking Unbanked: MoS Finance

 Union Minister of State for Finance Bhagwat Karad on Monday asked bankers to focus on banking the unbanked, securing the unsecured and funding the unfunded.

He was speaking at a review meeting on financial inclusion parameters of Western Maharashtra in Satara.

The minister called for increasing bank penetration in rural areas. He directed banks to reduce the waiting period for loan disbursement, a release said.

He added that even a developed state like Maharashtra has scope for increasing the number of bank branches in rural areas. Banks need to work towards that goal, the Minister said.

Towards becoming a five trillion economy, the banking sector is a big pillar, the Minister said, adding that new voters should be incorporated into the banking sector by opening their bank accounts, and special camps should be arranged for the same. 

(ANI)