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Expressing need to increase banking penetration in rural areas, Union Minister of State for Finance Bhagwat Karad has said that the bankers should focus on Banking the unbanked, Securing the unsecured and funding the unfunded. The Minister further said that PM Svanidhi scheme gives small loans to needy people without the condition of a collateral or a CIBIL score.

The minister also directed banks to reduce the waiting period for loan disbursement. Minister added that even a developed state like Maharashtra has scope for increasing the number of bank branches in rural areas. He noted that in the country’s target towards becoming five trillion economy, banking sector is a big pillar.

Karad further added that new voters should be incorporated into the banking sector by opening their bank accounts, and special camps should be arranged for the same. He suggested imbibing a competitive spirit among the banking sector for development of all.

Union Minister further added that with respect to schemes like Svanidhi, Maharashtra has performed better than national average. However, there is scope for performance improvement in the MUDRA Scheme, where Maharashtra is lagging behind the national average.