PSU banks set target for selling flagship government insurance schemes in FY24

Public sector banks (PSBs) in India have set a target to sell flagship government insurance schemes, including Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), by FY24. These PSBs also have set targets for other financial inclusion schemes like Mudra Yojana and StandUp India Scheme. Banks were advised to encourage customers to buy these policies for multiple years rather than renewing annually. As of March 31, 2023, about 15.99 crore and 33.78 crore were enrolled under PMJJBY and PMSBY, respectively. A campaign has been launched to achieve saturation under these schemes by leveraging banking correspondent networks for outreach and enrollment of potential beneficiaries.

from Banking/Finance-Industry-Economic Times https://ift.tt/Rh3zXsc