New Delhi, National Bank for Agriculture and Rural Development (NABARD) and Online PSB Loans Limited have signed an agreement to promote financial inclusion through regional rural banks. The collaboration seeks to smoothen the process of enrolment and claim settlement under the Jan Suraksha Schemes for all 43 Regional Rural Banks (RRBs) onboarded on one platform through the JanSuraksha Portal.
This initiative represents a significant stride towards bridging the financial gap in rural areas and will further empower Regional Rural Banks to leverage digital solutions for seamless enrolment and efficient settlement of Jan Suraksha schemes, NABARD said in a statement.
Under this initiative, NABARD will integrate all 43 RRBs onto the JanSuraksha Portal with a view to democratising access to financial protection schemes across erstwhile inaccessible corners of the country, it said.
Such a digital transformation will not only make processes easier but also make sure of more transparency and quicker speed for disbursal to beneficiaries; therefore, strongly reinforcing an inclusive growth agenda of the Government of India under the Digital India initiative, it said.
NABARD Chairman Shaji K V said that the initiative is “one giant leap towards enhancing digital financial services across rural India. This epitomises NABARD’s commitment to leveraging technology to make accessible, efficient digital solutions available to RRBs so that financial resilience can be built and inclusive growth promoted”.
By leveraging technology to connect the JanSuraksha Portal with the Core Banking Solutions (CBS) of RRBs via Application Programming Interfaces (APIs), the project aims to ensure a hassle-free experience for both banks and their customers.
The JanSuraksha Portal, an initiative undertaken by the Department of Financial Services (DFS) of the Government of India, facilitates digital enrolment and claim settlements for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Suraksha BimaYojana (PMSBY).
