DFS Secretary Sanjay Lohiya to Chair High-Level Meeting on Financial Inclusion Schemes

NEW DELHI — The Ministry of Finance is set to convene a high-level review meeting with the heads of major public and private sector banks on Tuesday to assess the progress of the country’s flagship financial inclusion schemes.

The critical discussion will be chaired by Financial Services Secretary Sanjay Lohiya, who will evaluate the current outreach and efficacy of these welfare-driven banking initiatives.

Financial inclusion has long been a cornerstone of India’s economic policy, most notably through the Pradhan Mantri Jan Dhan Yojana (PMJDY), which has successfully brought hundreds of millions of unbanked citizens into the formal financial system.

However, as the program matures, the government’s focus is strategically shifting from mere account creation to ensuring active usage, seamless credit linkage, and deeper penetration of digital payment ecosystems in rural and semi-urban areas.

According to official sources, Tuesday’s meeting will scrutinize the performance of banks in expanding access to micro-credit, insurance, and pension schemes for marginalized demographics.

A key agenda item is expected to be the strengthening of the Business Correspondent (BC) network, which serves as the vital last-mile connectivity for remote populations.

Additionally, the Secretary will likely review how banks are leveraging fintech partnerships to reduce operational costs while enhancing service delivery.

This high-level review arrives at a pivotal moment for the domestic banking sector.

As global economic uncertainties persist, the Finance Ministry is keen to ensure that the formal financial sector remains both resilient and inclusive.

By holding banking institutions accountable for their inclusion metrics, the government aims to guarantee that the macroeconomic benefits of formal finance translate into tangible, grassroots-level socio-economic empowerment.

As the meeting concludes, policymakers and market analysts will be closely watching for any new directives, revised targets, or incentive frameworks announced by the Department of Financial Services to accelerate the next phase of India’s financial inclusion journey.