Thursday, July 25, 2024
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SBI introduces Aadhaar-based social security program enrollment

SBI makes enrolling in social security programs based on Aadhaar easier and more convenient for clients. The largest lender in the nation, State Bank of India (SBI), has made it possible for consumers to enroll in social security programs by simply presenting an Aadhaar card.

Innovative Customer Service Points (CSP) functionality was presented by Chairman Dinesh Khara to make it simple to enroll in social security programs using Aadhaar.

Dinesh Khara, Chairman of SBI, spoke at the event and highlighted, “Our mission is to empower every stratum of society by removing the obstacles that prevent access to financial stability. This technological improvement demonstrates SBI’s dedication to using digitization to increase financial inclusion and social welfare.

Customers can enroll in programs like the Pradhan Mantri Jeevan Jyoti Bima Yojana, the Pradhan Mantri Suraksha Bima Yojana, and the Atal Pension Yojana by visiting CSPs with just their Aadhaar cards.

With this ground-breaking innovation, clients visiting Customer Service Points (CSPs) will just require their Aadhaar to enroll in crucial social security programs including the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY). Customers can enroll without bringing passbooks to the CSP shop thanks to the feature. The enrollment process is streamlined and accelerated by SBI’s sophisticated system, which makes it easier and more simple than before, according to a statement from the company.

According to Khara, the goal of the new feature is to empower every segment of society by removing obstacles to obtaining financial security. He added that this is anticipated to considerably expand the coverage of social security schemes.

The largest commercial bank in terms of assets, deposits, branches, clients, and personnel is State Bank of India. The bank had approximately Rs. 45.31 lakh crore in deposits as of June 2023, a CASA ratio of 42.88%, and more than Rs. 33 lakh crore in advances. In terms of home loans and auto loans, SBI holds a market share of 33.4% and 19.5%, respectively.