by Suman Gupta
- Aims to ensure financial security through PMJJBY & PMSBY
Gurugram, Haryana, October 23, 2023: The State Bank of India (SBI), India’s largest largest bank, organised a comprehensive workshop aimed at enhancing the outreach of Jansuraksha Schemes at the Gram Panchayat level. The workshop brought together bank officials from 11 States and Union Territories with the goal of empowering the Lead District Managers to facilitate the adoption of two important schemes: Pradhan Mantri Jeevan Jyothi Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) among eligible citizens. As part of this drive, officials of the Bank will drive awareness through organizing successful camps in every Gram Panchayat and Ward in each district across the nation.
Under the PMJJBY scheme, individuals can obtain life insurance coverage, while PMSBY offers accidental insurance cover of ₹2.00 lacs each, all at an affordable premium of ₹436 and ₹20 per annum, respectively.
The inauguration of this significant program was graced by distinguished individuals, including, Shri. Prashant Kumar Goyal, Joint Secretary (FI) from the Department of Financial Services, Government of India, Shri. Alok Kumar Choudhary, Managing Director (RB & O) at SBI, and Dr. P.C. Saboo, Chief General Manager – Financial Inclusion, SBI Corporate Centre, Mumbai. The workshop saw the participation of all Lead District Managers (LDMs) responsible for districts assigned to SBI, SLBC officials, and Nodal Officers (Lead Bank) from the States and Union Territories of Uttar Pradesh, Rajasthan, Haryana, Punjab, Himachal Pradesh, Jammu & Kashmir, Maharashtra, Gujarat, New Delhi, Uttarakhand, and Daman & Diu.
This initiative underscores SBI’s unwavering commitment to Financial Inclusion. Shri. Prashant Kumar Goyal, Joint Secretary (FI), Department of Financial Services, Government of India, emphasized the objective of achieving complete coverage of eligible citizens under the Jansuraksha Scheme, stating, “Our goal is to cover 100% eligible citizens under Jansuraksha Scheme.” Shri. Alok Kumar Choudhary, MD (RB & O) at SBI, motivated the participants to extend banking services, including government schemes like PMJJBY and PMSBY, to all sections of society, with a particular focus on unbanked and under-banked areas.
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.
