Banks’ Financial Inclusion Drive Gains Momentum

Hyderabad: Public sector banks have conducted outreach camps in around 4,400 gram panchayats across Telangana, enabling thousands to enrol in key central government schemes such as the Pradhan Mantri Suraksha Bima Yojana (PMSBY), PM Jeevan Jyoti Bima Yojana (PMJJBY) and Atal Pension Yojana (APY), officials said on Monday.

The ongoing drive, which began on July 1 and will continue till September 30, aims to cover all 12,708 gram panchayats in the state. A core component of the initiative is re-verification (ReKYC) of bank accounts, especially those inactive or incomplete. Thousands of accounts have been reverified and nomination details updated.

Addressing a joint press conference, Sahadevan Radhakrishnan, chairman of the State Level Bankers Committee (SLBC) and chief general manager of SBI Hyderabad circle, along with Shruti Patil, additional director general of the Press Information Bureau (PIB), said the campaign is part of a national initiative by the Union department of financial services to promote financial inclusion at the grassroots, the officials said.The State Level Bankers’ Committee (SLBC), Telangana, in association with the @PIBHyderabad, organized a joint press conference on the 3-Month Campaign for Saturation of Financial Inclusion (FI) Schemes.The State Level Bankers’ Committee (SLBC), Telangana, in association with the @PIBHyderabad, organized a joint press conference on the 3-Month Campaign for Saturation of Financial Inclusion (FI) Schemes.

Key goals of this campaign include updating inactive accounts, opening new accounts for the unbanked, expanding social security coverage and educating the public about digital fraud risks and procedures for claiming unclaimed deposits.

Radhakrishnan said each gram panchayat is hosting at least one dedicated camp, with banks organising the events in coordination with the state administration and relevant central ministries. The PMJJBY and PMSBY schemes provide life and accident cover of Rs 2 lakh at minimal annual premiums. The APY scheme is aimed at informal sector workers, offering voluntary retirement savings and a guaranteed monthly pension ranging from Rs 1,000 to Rs 5,000 after the age of 60.

As convenor of the SLBC in Telangana, the State Bank of India has issued operational instructions to all participating banks and lead district managers. The campaign is being coordinated under the supervision of district collectors. District Level Consultative Committees assign responsibilities to local bank branches.

Citizens were encouraged to visit the camps to complete ReKYC and nomination updates to avoid account freezes and transaction issues. Assistance is available at nearby bank branches and district lead bank offices.