PSU Banks, Financial Institutions Earn Rs 4.5 Cr Through Scrap Disposal In October Campaign

Public Sector Banks (PSBs) and financial institutions have generated Rs 4.5 crore by disposing of scrap during a month-long "Special Campaign 4.0," conducted from October 2 to October 31, 2024. The campaign, initiated by the Department of Financial Services (DFS), focused on reducing pendency, promoting "Swachhata" (cleanliness), improving space management, and enhancing customer-centric initiatives.

The DFS reported a 100 per cent disposal rate for all identified public grievances, public appeals, PMO references, and MP references. The campaign saw widespread participation from all DFS-affiliated organisations, including PSBs, public sector insurance companies, and other public financial institutions such as Nabard, Sidbi, Exim Bank, NHB, and IIFCL.

In addition to generating revenue, the campaign freed 11.79 lakh square feet of space across over 38,500 sites nationwide. Notably, 12 PSBs and 43 Regional Rural Banks hosted "Pension Grievances Weeks," reaching approximately 1.45 lakh pensioners at over 52,208 branches. The initiative educated pensioners on online life certificate submissions and doorstep banking services, addressing grievances and promoting awareness of digital tools for convenience.

PSBs and RRBs also used social media to raise cyber security awareness, sharing safety tips to prevent cyber fraud. On the financial literacy front, over 510 locations hosted educational camps, leading to the reactivation of approximately 79.97 lakh dormant accounts.

Additionally, the Life Insurance Corporation of India resolved 12.77 lakh unclaimed policies, settling claims totaling more than Rs 10,742 crore, reinforcing the campaign’s impact on efficiency, customer service, and digital accessibility across India's financial sector.