SBI launches innovative Aadhaar-based enrollment for social security schemes through Customer Service Points (CSPs)

Tags: National News

State Bank of India (SBI) on August 25, 2023, introduced a new Customer Service Point (CSP) with an aim to enhance convenience for its customers through technology.

An Overview of the News

• SBI's Customer Service Points (CSPs) allow hassle-free and paperless enrollment for important social security schemes using Aadhaar.

• Customers can now easily enroll in schemes like Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY) with just their Aadhaar.

Enhanced coverage of social security schemes

• SBI's initiative is aimed at taking the benefits of flagship social security schemes to a wider audience.

• The goal is to ensure that those who need these schemes the most can take advantage of them.

Promoting Financial Inclusion through Innovation

• SBI's technology-driven approach empowers financial inclusion.

• By simplifying the enrollment process, SBI aims to uplift the marginalized and underprivileged sections of society.

Streamlined Enrollment Process

• Customers can now enroll in social security schemes using the Aadhaar-based mechanism, thereby eliminating the need for passbooks.

• SBI's advanced system speeds up the enrollment process, making it more convenient for customers.

Reduction in Paperwork

• The new system significantly reduces paperwork, making the overall process simpler and more efficient.

• Customers no longer need to carry passbooks to the CSP outlet for enrolment.

About SBI, or State Bank of India

• It is one of the largest and oldest banks in India.

• It was established in 1806 as the Bank of Calcutta and later renamed as the Imperial Bank of India.

• In 1955, the Government of India nationalized the bank and it became the State Bank of India.

• It offers a wide range of banking products and services to its customers including Personal Banking, Corporate Banking, Agricultural Banking, and International Banking.

• Its personal banking services include savings and current accounts, loans, credit cards, and investment products.

• It has launched several digital initiatives to provide convenient banking services to its customers. These include SBI YONO, an integrated digital banking platform, and SBI Quick, a mobile app for instant banking services.

• SBI has received several awards and honors for its performance and services, including the Best Bank Award by Euromoney Magazine, the Best Retail Bank Award in India by Asian Banker, and the Best Bank Award in India by Global Finance Magazine.

Headquarters - Mumbai, Maharashtra

SBI Chairman - Dinesh Khara