Thursday, October 19, 2023

Amplifying The Reach Of Jansuraksha Schemes As A Step Toward Financial Inclusion

The State Bank of India, the country’s largest public sector bank, to support the Government's Jansuraksha campaign, organized a day-long workshop for its Lead District Managers and Nodal officers from various regions. The workshop focussed on sensitizing employees to amplifying the reach and understanding of Pradhan Mantri Jeevan Jhoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) to cover every eligible citizen under these schemes. 

Launched to cater to financial needs during unforeseen events, PMJJBY provides life insurance and PMSBY provides accidental insurance cover of ?2.00 lacs each at a nominal premium of ?436 and ?20 per annum, respectively. The program launched by the Chief General Manager, of Hyderabad Circle, Chief General Manager (FI), and General Manager (FI) Corporate Centre, Mumbai, will focus on ensuring mass awareness about these schemes with the help of SBI employees.

All the Lead District Managers (LDMs) allocated to SBI, SLBC officials, and Nodal Officers (Lead Bank) from the State/UTs of Andaman and Nicobar Islands, Sikkim, West Bengal, Bihar, Jharkhand, Odisha, Andhra Pradesh, Tamilnadu, Kerala, and Karnataka participated in the workshop.

With this initiative, SBI strengthens its commitment to Financial Inclusion. At the launch, Dr. P.C.Saboo, CGM(FI), emphasized that "The Bank's goal is to cover all the eligible citizens under the Jansuraksha Scheme by spreading awareness about these products through SBI's strong network”. 

Shri Rajesh Kumar, CGM, Hyderabad Circle, motivated participants to facilitate banking services including Government Schemes like PMJJBY, PMSBY, etc. to all the sections of the society, particularly to the unbanked and under-banked strata to fulfill the aspiration of Financial Inclusion. The Bank officials were instructed to successfully conduct these camps at each Gram Panchayat and Ward across the country. 

About State Bank of India:

State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country which has so far fulfilled the home buying dreams of over 30 lakh Indian families. The home loan portfolio of the bank has crossed Rs. 6.53 lakh crore. As of June 2023, the bank has a deposit base of over Rs. 45.31 lakh crore with CASA ratio of 42.88% and advances of more than Rs. 33 lakh crore. SBI commands a market share of 33.4% and 19.5% in home loans and auto loans respectively. SBI has the largest network of 22,405 branches and 65,627 ATMs / ADWMs in India with 78,370 BC outlets. The number of customers using internet banking and mobile banking stand at 117 million and 64 million respectively. With SBI’s digital strategy right on track – the bank witnessed 63% of new savings accounts opened through the integrated digital and lifestyle platform YONO in FY23. SBI observed 23,400 new digital savings bank accounts being opened per day via YONO in the quarter ended June 2023. YONO, which has more than 6.36 crore registered users, witnessed more than 1 crore average daily logins in Q1 FY24. In terms of digital lending, the bank disbursed pre-approved personal loans worth Rs. 5,428 crore through YONO in the same period. SBI also has the highest number of followers on Facebook and Twitter amongst all banks worldwide.

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