New Delhi, Apr 30 (KNN) The Secretary, Department of Financial Services (DFS) M. Nagaraju held a high-level meeting to comprehensively review the vision and strategy of four public sector insurance companies.
The DFS is a key department under the Ministry of Finance and acts as nodal authority for issues related to banking, insurance and pensions sectors.
During the meeting, medium- and long-term strategy documents of New India Assurance Company Limited (NIACL), National Insurance Co. Ltd.(NICL), United India Insurance Co. Ltd (UIICL) and Agriculture Insurance Company of India Limited (AICIL) were reviewed.
The meeting was attended by Sanjay Lohiya (Special Secretary, DFS), Dr. Debasish Prusty (Additional Secretary, DFS), Girija Subramanian, CMD, NIACL, Rajeshwari Singh Muni, CMD, NICL, B.S. Rahul, CMD, UIICL, Dr. Lavanya R. Mundayur, CMD, AICIL and other senior officers.
While holding discussions, the DFS Secretary emphasised on improving operational efficiency, financial strength and service delivery. Insurers were advised to expand investment opportunities, reduce loss ratios, strengthen retail portfolios and deepen presence in rural and semi-urban areas.
He also called for development of innovative, customised products for younger customers and emerging risks, alongside greater adoption of technology and full digitalisation of processes. Enhancing cybersecurity, digital platforms, grievance redressal and faster claims settlement were also highlighted.
Push for Wider Outreach
PSU insurers were urged to expand distribution networks and improve outreach through digital platforms and social media to tap underserved segments.
Review of Financial Inclusion Schemes
In a separate meeting with public and private sector banks, Nagaraju reviewed progress under key government schemes such as Pradhan Mantri Jan Dhan Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, Atal Pension Yojana and Pradhan Mantri Mudra Yojana, among others.
He also assessed expansion of bank branches in unbanked villages, particularly in the North East, and stressed collaboration with state governments to address infrastructure and connectivity challenges.
Deployment of banking correspondents and strengthening digital banking with assisted and vernacular services were also emphasised.
Way Forward
The Secretary urged private banks to increase focus on underserved sections and actively participate in institutional forums to ensure broader financial inclusion.
(KNN Bureau)
