Finance Minister Nirmala Sitharaman chairs review meeting of RRBs in Eastern belt

Patna (Bihar) [India], November 29 (ANI): Union Finance and Corporate Affairs Minister Nirmala Sitharaman chaired a review meeting of Regional Rural Banks (RRBs) from the Eastern Belt in Patna on Friday.
The meeting focused on strengthening the role of RRBs in fostering rural development and was attended by Bihar Deputy Chief Minister Samrat Chaudhary, Department of Financial Services (DFS) Secretary M. Nagaraju, Chairmen of RRBs, and senior DFS officials.
Sharing the development on social media platform X, the Ministry of Finance posted on X, "Union Minister for Finance and Corporate Affairs @nsitharaman chairs the review meeting of the Regional Rural Banks #RRBs of the Eastern Belt, in Patna, today. Also in attendance are @samrat4bjp , Deputy Chief Minister of Bihar; M. Nagaraju, Secretary @DFS_India , along with Chairmen of RRBs and senior officials of @DFS_India."

This review is part of a broader series of nationwide meetings undertaken by the Finance Minister to assess and enhance the performance of RRBs.
Earlier this month on November 9, Sitharaman reviewed the operations of 10 RRBs from the Southern Region in Bengaluru, where she outlined strategies to optimize their role in rural economic growth.
The Minister emphasized the crucial role of RRBs in promoting financial inclusion in rural areas. She highlighted the importance of targeted lending under schemes like PM Vishwakarma and PM Surya Ghar Muft Bijli Yojana and called for a stronger focus on agricultural credit.
Sitharaman urged the banks to bolster their technology infrastructure, enabling seamless digital banking services, particularly in regions with challenging connectivity.
The Finance Minister also stressed the need for RRBs to devise financial products catering to the needs of MSME clusters engaged in sectors such as textiles, handicrafts, jute, food processing, and dairy farming.
These tailored initiatives are expected to significantly expand the credit portfolio of rural banks while supporting small and micro enterprises.
The meeting underscored the importance of sponsor banks in supporting RRBs through the adoption of best practices, providing technical assistance, and ensuring resource availability.
Sitharaman commended the improvements in financial performance and technological upgrades made by RRBs since regular reviews commenced in 2022.
She further urged banks to maintain asset quality, enhance governance, and explore innovative models such as co-lending and risk-sharing in collaboration with SIDBI. (ANI)