How Can We Further Enhance Financial Inclusion Initiatives?
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Synopsis
Finance Minister Nirmala Sitharaman calls for stronger financial inclusion initiatives to reach more people. Discover the impressive growth of key insurance schemes and their impact on India's financial landscape. Explore the government's ongoing commitment to enhancing customer experience across banking services.
Key Takeaways
- Financial inclusion initiatives are crucial for reaching the broader population.
- PMJJBY has seen a 699% enrolment increase since 2016.
- Affordable insurance offerings enhance financial security.
- PMBSY provides accident coverage for just Rs 20 annually.
- Reforms in infrastructure and innovation are key to India's economic growth.
New Delhi, May 13 (NationPress) Finance Minister Nirmala Sitharaman on Tuesday highlighted the necessity to enhance financial inclusion initiatives by extending their reach to the broader population.
During a meeting aimed at evaluating the progress of various government financial inclusion programs such as PMJDY, PMSBY, PMJJBY, APY, PMMYY, SUPI, PMSVANidhi, PM Vishwakarma, PM Surya Ghar Yojana, KCC, PM Vidyalaxmi, and CGTSME, she underscored the significance of improving customer experiences across banking services.
The meeting was attended by the Secretary of the Department of Financial Services and senior officials of DFS. The Department’s mandate includes overseeing the operations of banks, financial institutions, insurance companies, and the National Pension System (NPS).
In another development, the total enrolments under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), a life insurance program, have skyrocketed by an incredible 699 percent since 2016. Introduced on May 9, 2015, PMJJBY sought to address the disheartening fact that only about 20 percent of India's populace had any form of insurance coverage.
PMJJBY provides a Rs 2 lakh life insurance cover in the event of the subscriber’s death from any cause—be it natural or accidental—for an annual premium of merely Rs 436.
As of March 19, PMJJBY has registered 23.36 crore individuals. Over the decade, the program processed 9,37,524 claims, with 9,05,139 claims successfully disbursed, totaling a payout of Rs 18,102.78 crore.
Conversely, cumulative enrolments under the Pradhan Mantri Suraksha Bima Yojana (PMBSY), an accident insurance scheme, have increased by 443 percent since 2016. This scheme offers financial stability and affordable security in case of accidents and loss of life at just Rs 20 annually.
Launched by Prime Minister Narendra Modi in 2015, the Pradhan Mantri Suraksha Bima Yojana has become a pivotal aspect of the government's initiatives to ensure financial safety for citizens.
With ongoing reforms in infrastructure, innovation, and financial inclusion, India continues to solidify its position as a vital player in driving global economic activity.
Point of View
The Indian government's push for financial inclusion is a commendable step that aligns with the nation's evolving economic landscape. Emphasizing transparency and accessibility in financial services, these initiatives aim to uplift underprivileged sections of society, fostering inclusive growth for all.
NationPress
22/07/2025
Frequently Asked Questions
What is the Pradhan Mantri Jeevan Jyoti Bima Yojana?
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme providing coverage of Rs 2 lakh for a premium of Rs 436 per year.
How much has the PMJJBY enrolment increased?
Since its launch in 2015, enrolments under PMJJBY have surged by an impressive 699 percent.
What is the purpose of the Pradhan Mantri Suraksha Bima Yojana?
The Pradhan Mantri Suraksha Bima Yojana (PMBSY) is an accident insurance scheme aimed at providing financial stability in case of accidents, costing only Rs 20 annually.
What other financial inclusion schemes are being implemented in India?
Other schemes include PMJDY, PMSBY, APY, and many more, all aimed at enhancing financial access for the masses.
How does the government ensure better customer experience in banking?
The government emphasizes improving customer experiences across banking services through various financial inclusion initiatives and reforms.
