Govt to nudge PSBs to increase enrolments of its insurance schemes

The government is likely to nudge public sector banks (PSBs), which have a good foothold in rural India, to increase number of beneficiaries under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) to 150 million and 350 million respectively.

Currently, active enrolments under PMJJBY and PMSBY stand at 83 million and 239 million, respectively, and claims of about Rs 15,500 crore have been paid under both schemes. 

The department of financial services (DFS) -- which comes under the Union finance ministry -- has called a meeting of the managing directors (MD) & chief