Financial Inclusion Review: Secretary Sanjay Lohia Directs Banks to Enhance Digital Access and Digitalize Loan Processes
Secretary of the Department of Financial Services, Sanjay Lohia, reviewed the progress of various financial inclusion schemes in a meeting with officials from public and private sector banks.
Mr. Sanjay Lohia, Secretary of the Department of Financial Services under the Ministry of Finance, chaired a review meeting in New Delhi with the heads of all public sector banks and executive directors of major private sector banks. Senior officials from the Department of Financial Services were also present at the meeting.
During the session, a detailed review was conducted on the progress of various financial inclusion schemes, including the 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 Vendors' Atmanirbhar Nidhi (PM SVANidhi), PM Vishwakarma, PM Surya Ghar, and Kisan Credit Cards (KCC). Additionally, discussions were held regarding the deployment of Banking Correspondents (BCs) and the progress of opening physical branches in banking-deprived villages.
Secretary Sanjay Lohia stated that significant progress has been made in deepening financial inclusion across the country through the government's flagship schemes. However, he urged banks to further expand their digital reach and place special emphasis on the end-to-end digitalization of loan processes. He also shared information regarding the provision of working capital loans through Credit Cards for Micro Enterprises (CCME) and credit lines on UPI. Furthermore, he called upon private sector banks to increase their participation in these schemes.
Regarding insurance schemes, Mr. Lohia directed banks to increase awareness about claim eligibility under the Jan Suraksha insurance schemes to ensure that nominees receive payments promptly after the death of a beneficiary. He instructed special care be taken in the settlement of claim-related grievances and directed that the enrollment of new beneficiaries for PMJJBY and PMSBY be conducted through the 'Jan Suraksha Portal' to ensure data quality and operational ease.
The meeting also deliberated on methods to increase the persistency ratio of the Atal Pension Yojana. Finally, Mr. Lohia urged banks to enthusiastically participate in the upcoming 'FI Saturation Campaign,' scheduled to run from October 21, 2026, to December 31, 2026, and emphasized the need to meet the banking requirements of the underprivileged sections of society.
