SBI streamlines access for masses, introduces Aadhaar-Based enrolment for Social Security Schemes

Empowering Financial Inclusion through technology-driven innovation

Bangalore, August 28, 2023: The State Bank of India, the country’s largest public sector bank, has taken a significant step towards enhancing accessibility and convenience for its customers. In a strategic move aimed at leveraging technology for greater financial inclusion, Chairman Dinesh Khara, unveiled an innovative CSP functionality that enables hassle-free enrolment for social security schemes through Aadhaar.

With this pioneering feature, customers visiting Customer Service Points (CSPs) will need only their Aadhaar to enroll in pivotal social security schemes i.e. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY). The functionality does not require customers to carry passbooks to the CSP outlet for enrolment. SBI’s advance system simplifies and expedites the enrolment process making it faster and more convenient than ever before.

The driving force behind this innovation is SBI’s commitment to utilizing technology to strengthen its offerings and extend the benefits of crucial schemes to the masses. By adopting this streamlined approach, the bank aims to uplift the financial inclusion ecosystem through unique solutions that directly impact the lives of marginalized and deprived sections of the society.

Speaking on the occasion, Shri Dinesh Khara, Chairman SBI emphasized, “Our goal is to empower every stratum of the society by removing the barriers that hinder access to financial security. This technology driven enhancement is a testament to SBI’s commitment to improve financial inclusivity and social welfare through digitization.”

This dynamic step is expected to significantly enhance the coverage of social security schemes, ensuring that the advantages of these schemes are leveraged by the ones who need them the most. By reducing paperwork and simplifying processes, SBI aims to champion customer convenience and contributing to the larger goal of a digitally empowered and financially secure India.