Dr Vivek Joshi, Secretary, DFS, chairs the review meeting of the financial performance of Regional Rural Banks (RRBs)
Dr Vivek Joshi, Secretary, Department of Financial Services (DFS), chaired a meeting here today as a part of a symposium on ‘Strengthening financial sustainability and operational viability of Regional Rubal Banks (RRBs) being conducted at the College of Agricultural Banking, Pune on 11-12th May 2023. Also present were the Additional Secretary DFS, Chairman NABARD, CGM RBI, MD/EDs of Sponsor Banks and Chairpersons of RRBs to review the performance of Regional Rural Banks (RRBs).
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 Regional Rural Banks were other issues that were discussed in the meeting.
Dr 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. Dr Joshi also urged Regional Rural Banks to redouble their efforts for achieving the targets fixed in the Viability Plans within the next year.
Disclaimer: This is an official press release by pib.
