Social Banking

To achieve the goal of sustainable development of the country, the banking sector has to provide the basic financial support required by the economically weaker sections of the society. This will enable these sections to participate and benefit from the developmental initiatives of the government, and this system has been termed as social banking. Need for Social Banking? The network of cooperative banks, Regional Rural Banks (RRBs), commercial banks, primary agricultural credit societies and Self Help Groups (SHGs), plays a pivotal role in the upliftment of poverty. However, availability of credit alone cannot improve the poverty situation. Hence, reforms like social banking are implemented by banks, to curb poverty. Some of the social banking services supported by banks such as Vijaya Bank are: PMJDY: The Pradhan Mantri Jan Dhan Yojana is a national scheme to ensure financial services like savings and deposit accounts, credit, insurance and pension etc. are made a