Government of India has advised the Public Sector Insurers and Public Sector Banks (PSBs) to develop an action plan for turnaround of their loss making branches.
In regard to the Central Government’s financial inclusion campaign, the banks have been asked to meet all the targets of financial inclusion which is government’s topmost priority.
Even though, the Public Sector Insurers and Public Sector Banks (PSBs) are governed by their board policies and the expansion or closure of branches of these institutions is decided by their board according to the norms laid down by the regulator; the central government advises the public sector insurers and PSBs as a promoter shareholder.
The Minister of State for Finance, Mr. Namo Narain Meena has given this information in a written reply to Rajya Sabha.
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