New Delhi: The finance ministry has asked major private sector banks to expedite onboarding to the Jansuraksha portal, the national platform for the government's social security insurance and pension schemes, according to multiple people aware of the matter.
The move aims to expand digital access to Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Atal Pension Yojana (APY) through assisted banking, internet banking and self-service channels.
Greater integration of large private lenders with the portal is expected to widen access, particularly among low-income and underserved households amid the government's push for insurance for all for Viksit Bharat 2047.
“Private banks show lower participation in PMSBY, PMJJBY, and APY mainly due to commercial realities. These schemes offer very low premiums, resulting in thin margins and limited profitability,” said a senior bank official on condition of anonymity.
“Unlike public sector banks, private lenders focus on high-value urban customers, lending, wealth management, and fee-based products that deliver better returns.”
IDBI Bank and ICICI Bank are operational in ‘assisted mode’ and 'DIY mode', while integration of other channels remain pending, one of the persons said on condition of anonymity.
Assisted mode refers to branch-supported enrolment where bank staff or business correspondents log into the portal on behalf of the customer, complete the formalities and submit the application. In do-it-yourself of DIY mode, customers can enrol directly through the Jansuraksha website or the bank’s internet and mobile banking platforms.
IDFC First Bank, Axis Bank, IndusInd Bank, Yes Bank and Kotak Mahindra Bank are at various stages of onboarding, another person aware of the matter said.
According to the latest onboarding status, HDFC Bank is currently the most advanced private lender on the platform, having gone live with ‘assisted mode’ on 5 February, 2026. The bank has recorded over 1.33 million enrolments on the portal.
An email sent on Tuesday to the finance ministry, Insurance Regulatory and Development Authority of India (Irdai), Pension Fund Regulatory and Development Authority (PFRDA), Indian Banks’ Association, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, IDFC First Bank, IDBI Bank, Axis Bank, IndusInd Bank and Yes Bank remained unanswered till the press time.
Unified platform
Launched on 9 May 2015, the Jansuraksha portal is the unified digital platform for enrolment and servicing of the government-backed PMJJBY, PMSBY and APY schemes. The schemes were designed to extend affordable financial protection and widen insurance and pension coverage.
“In today’s era of widespread digitisation, even across rural areas, this portal will make the entire process seamless,” said Mataprasad Pandey, vice president at Arete Capital, an investment advisory firm. "However, significant efforts must still be directed toward raising awareness, as those who need these key government initiatives most are often left behind simply due to a lack of information.”
Earlier this month, finance minister Nirmala Sitharaman said more than 27 crore people were enrolled under PMJJBY, 58 crore under PMSBY and 9 crore under APY.
Sitharaman also said PMJJBY has paid claims of over ₹21,500 crore to more than 1.07 million families, and PMSBY claims of nearly ₹3,660 crore have been settled for more than 184,000 families.
“Accelerating private bank integration with the Jansuraksha portal is critical for taking low-cost insurance and pension products to scale,” said Rahul Singh, associate professor at OP Jindal Global University.
“Large private lenders have deep digital reach and customer bases, and faster onboarding can significantly improve enrolments, renewals and claim servicing under PMSBY, PMJJBY and APY, particularly among underserved and first-time social security users,” Singh added.