DFS chairs review meeting of financial performance of Regional Rural Banks
May 12, 2023
Pune (Maharashtra) [India], May 12 : Department of Financial Services (DFS) Secretary Vivek Joshi chaired a meeting here on Friday as a part of a symposium on 'Strengthening financial sustainability and operational viability' of Regional Rubal Banks (RRBs).
The symposium is being held at the College of Agricultural Banking, Pune on May 11-12.
Additional Secretary DFS, Chairman National Bank for Agriculture and Rural Development (NABARD), Reserve Bank of India (RBI) chief general manager, managing directors of Sponsor Banks and Chairpersons of RRBs were present in the meeting to review the performance of Regional Rural Banks.
During the meeting, the progress made by RRBs on various parameters fixed in their respective viability plans was reviewed. It was noted that there has been substantial improvement in the financial performance of RRBs in 2022-23 as compared to 2021-22.
The need for technology upgradation of RRBs, strategies for NPA reduction, IT initiatives, improving financial inclusion, enhancing credit delivery to rural areas and support being given by sponsor banks to the RRBs were other issues discussed in the meeting.
Joshi while addressing the gathering, emphasised that Sponsor Banks, in partnership with NABARD, need to proactively handhold their respective RRBs for facilitating technology adoption so as to enable them to serve their customers more efficiently.
Joshi also urged RRBs to redouble their efforts to achieve the targets fixed in the Viability Plans within the next year.
