SBI Unveils Aadhaar-Based Enrolment For Social Security Schemes

The State Bank of India (SBI) has taken a significant step towards enhancing accessibility and convenience for its customers through the use of technology.The country’s largest lender unveiled an innovative customer service point (CSP) functionality on August 25, 2023, which enables hassle-free enrolment for social security schemes through Aadhaar.

“With this pioneering feature, customers visiting CSPs will need only their Aadhaar to enrol in pivotal social security schemes, such as the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY),” SBI said in a press statement.

According to SBI, this dynamic step is expected to significantly enhance the coverage of social security schemes, thereby ensuring that the advantages of these schemes are leveraged by the ones who need them the most. “The driving force behind this innovation is SBI’s commitment to utilising technology to strengthen its offerings and extend the benefits of crucial schemes to the masses,” it added.  

The move will also empower financial inclusion through technology-driven innovation, SBI further said. “By adopting this streamlined approach, the bank aims to uplift the financial inclusion ecosystem through unique solutions that directly impact the lives of marginalised and deprived sections of the society. SBI aims to champion customer convenience and contributing to the larger goal of a digitally empowered and financially secure India,” the bank said.

According to SBI, the CSP functionality would also help in streamlining access for the bank’s customers to enrol for social security schemes by using only an Aadhaar-Based enrolment mechanism.

The move will also reduce paperwork and simplify the overall process, SBI further said.

“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,” SBI said in the press statement.

Dinesh Khara, chairman, SBI, said: “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 digitisation.”