DFS Secretary M Nagaraju pointed out in Agartala that various initiatives introduced by the Narendra Modi government would complete 12 years on June 8 this year. He stated that these initiatives had substantially widened social security coverage among economically weaker sections, particularly people living in rural and semi-urban regions.
Agartala, May 26: Department of Financial Services (DFS) Secretary M. Nagaraju on Tuesday said the Centre’s financial inclusion and welfare programmes have significantly expanded social security coverage among poor and vulnerable families living in rural and semi-urban areas across the country.
Speaking at a Credit Outreach Programme organised by the State Level Bankers Committee at Rabindra Satabarshiki Bhawan in Agartala, Nagaraju described the expansion of welfare coverage as one of the major achievements of the Narendra Modi-led government during the past 12 years.
12 Years of PM Modi Launched Welfare Schemes
Nagaraju said the social welfare initiatives launched under Prime Minister Narendra Modi would complete 12 years on June 8 this year. According to him, these schemes have helped millions of economically weaker people gain access to financial security and protection.
He stated that poor families in villages and semi-urban regions have benefited immensely from the expansion of banking and welfare services. The initiatives, he said, have provided financial reassurance and improved the sense of security among vulnerable households.
The DFS Secretary also noted that banking outreach programmes and financial inclusion measures have connected many underprivileged citizens with formal banking systems and government-backed social schemes.
Banking Sector Remains Strong Amid Global Uncertainty
Referring to the overall health of the banking sector, Nagaraju said Indian banks continue to remain stable despite growing global economic uncertainties caused by geopolitical tensions and international conflicts.
He said both public and private sector banks performed strongly during the previous financial year, recording nearly 15.9 per cent growth. He also pointed out that non-performing assets (NPAs) have reduced sharply due to policy reforms, improved regulations, and tighter monitoring mechanisms introduced in recent years.
According to him, Indian banks now possess stronger capital reserves and healthier financial positions compared to the past.
Banks Prepared to Handle Cyber Risks
Nagaraju asserted that Indian banks are adequately prepared to tackle emerging cyber and software-related threats. He said technological risks remain a constant challenge for the banking industry, but banks have strengthened their systems to stay ahead of such threats.
He expressed confidence in the resilience and stability of the Indian banking system amid evolving digital challenges.
Rs 2.25 Lakh Crore Support for SMEs
Highlighting measures taken to support businesses, Nagaraju said the Central government has introduced a trade guarantee programme worth around Rs 2.25 lakh crore for small and medium enterprises (SMEs).
He said the scheme aims to help businesses facing economic disruptions arising out of catastrophic situations and would benefit entrepreneurs across India, including Tripura.
Loans Worth Over Rs 600 Crore Distributed
Tripura Chief Secretary J.K. Sinha, senior banking officials, and other dignitaries attended the programme.
During the event, several banking branches and financial services were inaugurated virtually. Banks also distributed loans and corporate social responsibility (CSR) assistance among beneficiaries.
Nagaraju said the outreach programmes organised in Agartala and Udaipur in Gomati district covered nearly 8,000 beneficiaries. Loans exceeding Rs 600 crore were distributed among different sections of society through the initiative.