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Financial Inclusion Initiative

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Context:

PSBs Lag in Meeting Insurance Targets Under Financial Inclusion Initiative.

Key Schemes Overview

  • Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
    • Launched in 2015 for individuals aged 18-50 with a bank or post office account.
    • Provides life insurance worth ₹2 lakh with an annual premium of ₹436 until the individual turns 55.
  • Pradhan Mantri Suraksha Bima Yojana (PMSBY)
    • Offers accidental insurance for individuals aged 18-70, renewable annually.
    • Premium set at ₹12 per annum for coverage up to ₹2 lakh.

PMJJBY Performance

  • Target: 40.74 million enrolments
  • Achievement: 51% of the target met by December 2024 with 20.78 million enrolled.
    • Top Performers:
      • State Bank of India (SBI)
      • Indian Bank
      • Punjab Sind Bank
    • Lagging Performers:
      • Indian Overseas Bank
      • Central Bank of India

PMSBY Performance

  • Target: 63.4 million enrolments
  • Achievement: 64% of the target met by December 2024 with 40.7 million enrolled.
    • Top Performers:
      • SBI
      • Punjab National Bank (PNB)
      • Indian Bank

Action Required

  • Underperformance in PMJJBY: The nine public sector banks (PSBs) have not met the 50% target, with some banks significantly lagging.
    • The Union Finance Ministry has called for stronger efforts, particularly for underperforming banks, to ensure targets are met and improve financial inclusion.

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