SBI launches ‘Jan Nivesh SIP’ scheme for financial inclusion, waives off commission | Stock Market News
Source: Live Mint
The chairman of State Bank of India (SBI), C.S. Setty, announced that the bank will not charge any commission under its new ‘Jan Nivesh’ scheme. The initiative, aimed at furthering financial inclusion across India, is a significant step toward empowering underserved segments of the population with the tools to invest and save.
Setty announced the launch of the ‘Jan Nivesh SIP’ scheme, which offers micro-systematic investment plans (SIPs) starting from as low as ₹250. He assured that SBI, as part of its commitment to financial inclusion, would provide this service free of charge, with no commissions, thus ensuring that every Indian has access to affordable and transparent financial services.
Financial inclusion focus
Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (Sebi), also addressed the gathering, calling the launch of the Jan Nivesh SIP a “historic step.” She praised SBI’s efforts to leverage its extensive network to bring financial services to every corner of India. “The sheer power of reach and trust that every SBI bank manager enjoys with the citizens of this country,” she said.
Buch also emphasized that the scheme’s focus on small investors would benefit the country’s economic growth, stating that such efforts contribute to financial inclusion and wealth creation at the grassroots level.
Buch expressed her optimism about its potential success, noting that it would help position SBI as a banking institution and a key player in India’s investment landscape. “In a few years, we will not only refer to SBI as the banker to every Indian but also as the investment manager to every Indian,” Buch added.
Further, during his speech, Setty highlighted SBI’s achievements in fostering financial inclusion in India. He spoke about the Pradhan Mantri Jan Dhan Yojana (PMJDY) success, which has seen over 15 crore accounts opened, many with zero balance initially but now fully funded. SBI’s role in expanding insurance coverage through schemes like the Jan Suraksha and Jeevan Jyoti Yojana was also underscored, especially its efforts during the covid pandemic when many families faced financial hardships.
Setty explained that while the primary focus has been ensuring access to banking and insurance, investment is the next crucial step.
