New Delhi, May 12 (FN Bureau) Seeking to serve customers more efficiently, the government has called for sponsor banks to proactively handhold their respective regional rural banks (RRBs) for technology adoption. Chairing a review meeting of financial performance of RRBs, Department of Financial Services (DFS) Secretary Vivek Joshi on Friday discussed 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. It was noted during the meeting that there has been substantial improvement in the financial performance of RRBs in 2022-23 as compared to 2021-22.
The DFS Secretary also urged RRBs to redouble their efforts for achieving the targets fixed in the Viability Plans within the next one year itself. Among those present in the meeting held in Pune included Additional Secretary DFS, Chairman NABARD and MD/EDs of sponsor banks and Chairpersons of RRBs. “During the meeting, the progress made by RRBs on various parameters fixed in their respective viability plans were reviewed,” said a release from Finance Ministry.