Which of the following banks has introduced a facility to allow customers to enroll in social security schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana, the Pradhan Mantri Suraksha Bima Yojana, and the Atal Pension Yojana by just furnishing an Aadhaar card?
Current Affairs
Banking
Difficulty: Medium
Choose an option
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ABank of India
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BBank of Baroda
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CUnion Bank of India
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DState Bank of India
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ECanara Bank
Answer
Correct Answer: State Bank of India
Explanation
### Concept & Facts
Financial inclusion initiatives aim to simplify the enrollment process for government social security schemes (PMJJBY, PMSBY, APY) for the unbanked or rural population.
### Step-by-Step Solution
* State Bank of India (SBI), the country's largest public sector lender, introduced a streamlined enrollment facility.
* This customer service point (CSP) facility allows customers to enroll in core social security schemes by merely furnishing their Aadhaar card.
* It removes the need for traditional, bulky paperwork and passbook physical copies, utilizing the Aadhaar-enabled e-KYC integration.
### Exam Strategy & Shortcut
Massive rural financial inclusion drives requiring extensive core banking network upgrades (like Aadhaar-only scheme enrollment at CSPs) are almost always spearheaded by the State Bank of India (SBI) due to its unparalleled reach.
### Common Pitfall
Confusing general Aadhaar-linking mandates with this specific ease-of-enrollment feature. SBI specifically launched this Aadhaar-only CSP enrollment drive to boost APY, PMJJBY, and PMSBY numbers.
### Final Answer
Therefore, the correct answer is **State Bank of India**.