Massive Enrollment in PMSBY: India's Success in Financial Inclusion

Nearly 48 crore individuals have enrolled in the Pradhan Mantri Suraksha Bima Yojana, highlighting India's growing success in financial inclusion. With 47.59 crore cumulative enrollments and significant claims processed, PMSBY and PMJDY schemes have empowered millions, especially women and rural residents, providing essential insurance and banking services.

In an impressive milestone, nearly 48 crore Indian citizens have enrolled for the Pradhan Mantri Suraksha Bima Yojana (PMSBY), an accident insurance scheme offering Rs 2 lakh coverage. The Finance Ministry reported a cumulative enrollment of 47.59 crore, with over 1.93 lakh claims received and 1.47 lakh disbursed.

The PMSBY scheme, designed for individuals aged 18 to 70 years with a bank or post office account, provides affordable insurance against accidental death or disability for a premium of merely Rs 20 per annum. Alongside, the Pradhan Mantri Jan Dhan Yojana (PMJDY) continues its momentum, serving over 54 crore beneficiaries nationwide.

Marking a decade of implementation, PMJDY stands as the world's largest financial inclusion program, enabling banking access for marginalized communities. As of mid-August, the scheme boasts 53.13 crore accounts, with notable participation from women and semi-urban populations, fostering economic empowerment and growth.

(With inputs from agencies.)