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PM Svanidhi’s scheme gives small loans to needy people without CIBIL score: Bhagwat Karad

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Union Minister of State for Finance Dr. Bhagwat Karad today asked bankers to focus on banking the unbanked, securing the unsecured, and funding the unfunded. He was speaking at a review meeting on the Financial Inclusion Parameters of Western Maharashtra in Satara today.

The Minister further said that PM Svanidhi’s scheme gives small loans to needy people without the condition of collateral or a CIBIL score. The Minister also exhorted bankers to increase banking penetration in rural areas.

He directed banks to reduce the waiting period for loan disbursement. The Minister added that even a developed State like Maharashtra has scope for increasing the number of bank branches in rural areas.

Shri Karad further stated that the banking sector is a big pillar in the target towards becoming a five trillion economy. The Minister further added that new customers 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 in the banking sector for the development of all. The Minister on this occasion appreciated the all round performance achieved by Kolhapur District on Financial inclusion parameters.


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