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Madhya Pradesh: Special State Level Bankers Committee meeting on financial inclusion

12:41 AM Nov 18, 2021 | Staff Reporter

Bhopal (Madhya Pradesh): Prime Minister Narendra Modi’s flagship insurance schemes for the deprived section of society are moving at a snail’s pace. The figures presented during the special meeting on financial inclusion of the State Level Bankers Committee (SLBC) held here on Tuesday are an indicator.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and PM Suraksha Bima Yojana (PMSBY) were launched in 2015 with objective to expand insurance cover to common people - specially poor and underprivileged sections of the society.

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As many as 46.09 lakh have been enrolled for PMJJBY and 150.98 lakh under PMSBY as on 31 August, 2021. According to figures presented by SLBC, only 0.06 persons per lakh have been covered under PMJJBY and 0.20 persons per lakh have been covered under PMSBY.

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Indore, Bhopal, Dhar, Jabalpur and Chhindwara districts topped in enrolment under PMJJBY while Agar Malwa, Ashoknagar, Sheopur, Panna and Datia districts were worst performers.

Another factor that came to the fore was that most enrolments for these schemes were done by public sector banks while private banks’ performance remained dismal.

Total enrolments for PMJJBY made by the public sector banks stand at 34,16,524 against private banks, which are 1,28,038. Similarly, public sector banks have enrolled 1,14,48,326 against private banks’ 5,34,515 under PMSBY.

Madhya Pradesh has 10 public sector banks, 18 private banks and 2 regional rural banks included in the SLBC.

Under Atal Pension Yojana (APY), the state has covered only 2.50% of the total population target. Overall figure of enrolment under APY stands at 18,56,084 as on 31 August, 2021. The national average is 2.74%.

Chief Minister Shivraj Singh Chouhan has urged SLBC members to see that participation of private banks expedite implementation of government schemes.

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