Budget 2023: The Ministry of Finance held one of its last pre-budget meetings today with the heads of public service banks. Dr. Vivek Joshi, Secretary, Department of Financial Services (DFS), Ministry of Finance, the review meeting and some of the other financial institutions were also present. Officials from the Ministry of Corporate Affairs were also present at the meeting.

Here are the five major points of discussion at the pre-Budget meeting:

1. Focus on social security schemes

 The ministry reviewed the progress of various social security (Jan Suraksha) schemes, including 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 and Prime Minister Street Vendor's AtmaNirbhar Nidhi (PMSVANidhi), and Agri credit, etc.

2. Financial literacy camp

The banks have been advised to focus on schemes and initiatives related to financial literacy camps to kindle financial awareness among the masses. “PSBs were exhorted to achieve the targets allocated to them under the schemes for the FY 2022-23. It was also discussed that banks should organize financial literacy camps so that awareness about various financial inclusion schemes including micro-insurance schemes, digital financial transactions including UPI Lite can be further promoted,” stated the release.

3. Sustainable banking

Indian Banks’ Association (IBA) has recently put up a request to expedite the Consumer Service Rating for all Scheduled Commercial Banks to gauge consumer expectations and to enable banks to raise their standards of service delivery to every segment of the customer. Keeping at par with the request, DFS has advised the PSBs to focus more on sustainable banking relationships by providing access to banking services to the people at the grass-root level too.

4. Proposed amendments

The representatives of the PSBs had a detailed discussion with the Ministry of Corporate Affairs regarding the amendments proposed in the Insolvency and Bankruptcy Code (IBC) with regard to reducing the delays in the processes relating to admission, resolution, National Company Law Tribunal’s (NCLT) approval and liquidation were also discussed in presence of officials from Ministry of Corporate Affairs and Insolvency and Bankruptcy Board of India (IBBI).

5. Agriculture in focus

PSBs have been advised to focus on schemes made for farmers and ensure all the farmers in the country have Kishan Credit Cards (KCC). PSBs were advised to take necessary steps to digitize the entire journey of KCC loans in a time-bound manner.