Mumbai: National Bank for Agriculture and Rural Development (NABARD) and Online PSB Loans Limited – in a landmark initiative towards financial inclusion – have signed a Memorandum of Understanding.

The collaboration seeks to smoothen the process of enrolment and claim settlement under the Jan Suraksha Schemes for all 43 Regional Rural Banks onboarded on one platform through the JanSuraksha Portal.

Shaji K V, Chairman, NABARD, accompanied by Dr Ajay Kumar Sood, DMD NABARD, inaugurated the project during a meeting with the heads of all RRBs.

By leveraging technology to connect the JanSuraksha Portal with the Core Banking Solutions (CBS) of RRBs via Application Programming Interfaces (APIs), the project aims to ensure a hassle-free experience for both banks and their customers.

Shaji K V said “The launch of this initiative is one great leap towards enhancing digital financial services across rural India. This epitomizes NABARD’s commitment to leveraging technology to make accessible efficient digital solutions available to RRBs so that financial resilience can be built and inclusive growth promoted.”

This initiative represents a significant stride towards bridging the financial gap in rural areas and will empower Regional Rural Banks to leverage digital solutions for seamless enrolment and efficient settlement of Jan Suraksha schemes.

Under this initiative, NABARD will integrate all 43 RRBs onto the JanSuraksha Portal with a view to democratizing access to financial protection schemes across erstwhile inaccessible corners of the country.

Such a digital transformation will not only make processes easier, but also make sure of more transparency and quicker speed for disbursal to beneficiaries, therefore strongly reinforcing an inclusive growth agenda of the Government of India under the Digital India initiative.