Suraksha Bandhan Drive: Helping the Underprivileged

Suraksha Bandhan Drive: Helping the Underprivileged

Question: Poor and underprivileged sections of society will derive considerable benefit from the Surakasha Bandhan Drive. Elaborate.

- Government has launched Suraksha Badhan Drive in Mission Mode via participating banks and insurance firms to ensure enrolment under the Pradhan Mantri Suraksha Bima Yojana and the Pradhan Mantri Jeevan Jyoti Bima Yojana through the Jeevan Suraksha Gift Cheques, Suraksha Deposit Scheme and Jeevan Suraksha Deposit Scheme as well as the Atal Pension Yojana for ensuring social security to weaker sections of society

- Two insurance schemes namely Pradhan Mantri Suraksha Bima Yojana for accident and disability cover of up to INR 2 lakh at annual premium of INR 12 and Pradhan Mantri Jeevan Jyoti Bima Yojana for term or life cover of INR 2 lakh at annual premium of INR 330 launched in the month of May 2015

- Special enrolment drive has been launched in the coming Raksha Bandhan

- Suraksha Badhan drive aims to take forward the GoI’s objective of creating a universal social security system in the nation for weaker sections of society

- Envisaged social security initiative includes Atal Pension Yojana

- Participating banks supported the participating insurance companies to work for local outreach, enrolment facilitation and awareness building during the drive

- Public sector organisations are supported by people reps, field functionaries of government depts working with informal sector and banks to ensure banking for the unbanked and insurance for the non insured

- Banks will also make available facility to account holders under the Suraksha Deposit Scheme and the Jeevan Suraksha Deposit Scheme

Facts and Stats

- 2011 census has shown that only 58.7% have access to banks in India even after more than 6 decades of independence

- Only 54.4% in rural areas have access to banks

- Only 5% among the LIG can access banks and banking services

- Only 35% of country’s population has formal bank accounts as against 40 to 45% in other developing nations

- The number of bank branches in rural areas are far lower than urban areas