National Bank for Agriculture and Rural Development (NABARD) and Online PSB Loans Ltd. have signed a Memorandum of Understanding (MoU) to smoothen the enrolment and claim settlement processes under the Jan Suraksha Schemes for all 43 Regional Rural Banks (RRBs).
Under this initiative, NABARD will integrate all 43 RRBs onto the Jan Suraksha Portal to democratise access to financial protection schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojna and Pradhan Mantri Suraksha Bima Yojna across erstwhile inaccessible corners of the country, the development financial institution said in a statement.
“This initiative represents a significant stride towards bridging the financial gap in rural areas and will further empower RRBs to leverage digital solutions for seamless enrollment and efficient settlement of Jan Suraksha schemes.
“Such a digital transformation will not only make processes easier but also make sure of more transparency and quicker speed for disbursal to beneficiaries,” NABARD said in a statement.
Shaji K V Chairman, NABARD, said the project aims to ensure a hassle-free experience for both banks and their customers by leveraging technology to connect the JanSuraksha Portal with the Core Banking Solutions (CBS) of RRBs via Application Programming Interfaces (APIs).