Daijiworld Media Network - New Delhi
New Delhi, May 13: Finance Minister Nirmala Sitharaman on Tuesday underscored the need to expand financial inclusion efforts and improve customer experiences across banking services, as she reviewed progress on key government-backed financial schemes.
Chairing a high-level meeting with senior officials from the Department of Financial Services (DFS), Sitharaman evaluated the status of flagship schemes including PM Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), PM Mudra Yojana (PMMYY), Stand-Up India (SUPI), PM SVANidhi, PM Vishwakarma, PM Surya Ghar Yojana, Kisan Credit Card (KCC), PM Vidyalakshmi and Credit Guarantee Fund for Micro and Small Enterprises (CGTSME).
The Finance Minister emphasized the critical role of these schemes in empowering underserved communities and promoting economic resilience through accessible and affordable financial tools.
A standout in the review was the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), a life insurance scheme launched in 2015. The scheme has seen enrolments soar by 699% since 2016, reflecting increasing awareness and trust in low-cost insurance. As of March 19, 23.36 crore people had enrolled, with over 9.05 lakh claims settled, amounting to Rs 18,102.78 crore in disbursed benefits.
The Pradhan Mantri Suraksha Bima Yojana (PMSBY), an accident insurance scheme with an annual premium of just Rs 20, also saw enrolments surge by 443% over the same period. Together, the schemes have become key pillars in the government’s push to provide financial protection to vulnerable populations.
Sitharaman also called for faster digital adoption, streamlined service delivery, and improved outreach in remote regions to ensure that the benefits of financial inclusion reach every household.
With India’s strong focus on infrastructure, innovation, and inclusive growth, these initiatives are seen as pivotal in bolstering the country’s position as a major force in global economic development.