Srinagar, Nov 22 (PTI) Banks should increase awareness about different loan schemes among people, especially those meant for lower strata of society so that the benefits percolate to them, Union Minister of State for Finance Bhagwat Kishanrao Karad said here on Tuesday.

Addressing a special review meeting special meeting of the Union Territory Level Bankers' Committee, the minister said financial literacy was as important as education in general for financial inclusion.

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"The banks should increase awareness among the people about different loan schemes, especially meant for lower strata of society so that the benefits are percolated to them," he said.

Stressing the need to increase the number of borrowers in the PM SVANIDHI scheme, he said the beneficiaries of the scheme be guided and gradually upgraded to avail higher ticket-size loans under the PM Mudra Yojana.

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Karad reviewed the achievements of banks and financial institutions operating in Jammu and Kashmir under various initiatives of the Centre and state governments.

While expressing satisfaction over the performance of banks in J&K, Karad stressed the need to further accelerate the growth, besides proactively improving their outreach to poor and marginalised sections of society.

The Union government is ready to support them in this endeavour, he said.

The minister congratulated public and private sector banks for their commendable performance during the last two years that added to the economic growth of the country.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)