Initiatives for financial inclusion must be strengthened further: FM Sitharaman
On Tuesday, Finance Minister Nirmala Sitharaman emphasized the importance of bringing the general public into the purview of financial inclusion programs in order to further enhance them.
She emphasized the significance of improving the customer experience across banking services while chairing a meeting to examine the progress of the government’s financial inclusion schemes, which include PMJDY, PMSBY, PMJJBY, APY, PMMYY, SUPI, PMSVANidhi, PM Vishwakarma, PM Surya Ghar Yojana, KCC, PM Vidyalaxmi, and CGTSME.
Senior DFS officers including the secretary of the Department of Financial Services attended the meeting. The National Pension System (NPS), insurance firms, banks, and other financial institutions are all under the Department of Financial Services’ purview.
In the meantime, since 2016, the total number of people enrolled in the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), a life insurance program, has increased by an astounding 699 percent. PMJJBY, which was introduced on May 9, 2015, addressed the alarming fact that only 20% of Indians were covered by insurance.
For a yearly subscription of just Rs 436, PMJJBY provides a Rs 2 lakh life insurance policy in the event that the subscriber passes away from any cause, whether natural or unintentional.
23.36 crore people have been enrolled in PMJJBY as of March 19. The program processed 9,37,524 claims over the course of the ten years, and 9,05,139 of those claims were successfully paid out, releasing a total of Rs 18,102.78 crore.
However, since 2016, the total number of people enrolled in the accident insurance program Pradhan Mantri Suraksha Bima Yojana (PMBSY) has increased by 443%. For about Rs 20 a year, the scheme offers cheap security and financial stability in the event of accidents and fatalities.
The Pradhan Mantri Suraksha Bima Yojana, which Prime Minister Narendra Modi introduced in 2015, is now a vital component of the government’s initiatives to give the general population financial security.
With improvements in financial inclusion, innovation, and infrastructure, India keeps growing as a major force behind world economic activity.