Finance Minister Nirmala Sitharaman on Tuesday emphasised the need to further strengthen financial inclusion initiatives by bringing the masses within their ambit.

Chairing a meeting to review the progress of government’s financial inclusion schemes namely PMJDY, PMSBY, PMJJBY, APY, PMMYY, SUPI, PMSVANidhi, PM Vishwakarma, PM Surya Ghar Yojana, KCC, PM Vidyalaxmi and CGTSME, she stressed the importance of enhancing customer experience across banking services.

The meeting was attended by Secretary, Department of Financial Services, and the senior officers of DFS. The mandate of the Department of Financial Services covers the functioning of banks, financial institutions, insurance companies and the National Pension System (NPS).

Meanwhile, the cumulative enrolments under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) -- a life insurance initiative -- has surged by a whopping 699 per cent since 2016. Launched on May 9, 2015, PMJJBY addressed the dark reality that only about 20 per cent of India’s population had any form of insurance coverage.

PMJJBY offers a Rs 2 lakh life insurance cover in case of the subscriber’s death from any cause -- natural or accidental -- for an annual premium of just Rs 436.

As of March 19, PMJJBY has enrolled 23.36 crore individuals. During the decade, the scheme processed 9,37,524 claims, of which 9,05,139 claims were successfully disbursed, releasing a total sum of Rs 18,102.78 crore.

On the other hand, the cumulative enrolments under the Pradhan Mantri Suraksha Bima Yojana (PMBSY), -- an accident insurance scheme -- has surged by 443 per cent, since 2016. The scheme provides financial stability and affordable security in case of accidents and loss of lives at just Rs 20 per year.

Launched in 2015 by Prime Minister Narendra Modi, the Pradhan Mantri Suraksha Bima Yojana has become a cornerstone of the government’s efforts to provide financial safety to the public.

With reforms in infrastructure, innovation, and financial inclusion, India continues to enhance its role as a key driver of global economic activity.