NABARD Partners with Online PSB Loans Limited to Digitalize Jan Suraksha Schemes for RRBs

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Mumbai, 6th July 2024: In a landmark initiative towards financial inclusion, a Memorandum of Understanding (MoU) was signed between the National Bank for Agriculture and Rural Development (NABARD) and Online PSB Loans Limited. The collaboration seeks to smoothen the process of enrolment and claim settlement under the Jan Suraksha Schemes for all 43 Regional Rural Banks onboarded on one platform through the JanSuraksha Portal. Shri Shaji K V, Chairman NABARD, accompanied by Dr. Ajay Kumar Sood, DMD NABARD, inaugurated the project during a meeting with the heads of all RRBs.

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 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 enrollment and efficient settlement of Jan Suraksha schemes. 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. 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.

 On this launch, Shri Shaji K V stated that “The launch of this 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 enrollment and claim settlements for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY).