PSU Banks and Financial Institutions Earn Rs 4.5 Crore from Scrap Disposal in Nationwide Cleanliness Campaign

PSU Banks and Financial Institutions Earn Rs 4.5 Crore from Scrap Disposal in Nationwide Cleanliness Campaign

Public sector banks (PSBs) and financial institutions collectively generated Rs 4.5 crore through scrap disposal during a month-long "Special Campaign 4.0," conducted from October 2 to October 31, 2024. Initiated by the Department of Financial Services (DFS), this campaign aimed to reduce pending issues, implement Swachhata (cleanliness) measures, improve space utilization, and foster customer-centric practices across financial institutions. According to the Ministry of Finance, the campaign involved over 38,500 sites across the country, resulting in the disposal of all identified Public Grievances, Public Appeals, PMO references, and MP references.

Through efficient space management, the DFS freed up approximately 11.79 lakh square feet of space while facilitating the resolution of pension-related grievances. Twelve PSBs and 43 Regional Rural Banks (RRBs) organized "Pension Grievances Weeks," reaching out to 1.45 lakh pensioners across 52,208 branches. During these weeks, pensioners were also informed about online life certificates and doorstep banking options.

In a broader effort to raise awareness about cyber security, PSBs and RRBs shared safety tips and best practices via videos and social media posts, aiming to help customers prevent cyber fraud. The campaign also strengthened financial literacy across the nation, organizing financial literacy camps in over 510 locations, which resulted in the activation of 79.97 lakh dormant accounts.

Additionally, the Life Insurance Corporation of India (LIC) resolved 12.77 lakh unclaimed policies, settling claims totaling over Rs 10,742 crore. Overall, Special Campaign 4.0 demonstrated the commitment of PSU banks and financial institutions to operational transparency, customer engagement, and community welfare, underscoring the success of initiatives like efficient scrap disposal, financial inclusion, and cyber-awareness outreach.