The Great Insurance Blunder
The PMJJBY, PMSBY and PMAPY were introduced by government of India as social security schemes primarily targeting the citizens comprising unorganised work force in the country. But for implementing these schemes, the unofficial dispenser of government schemes - Indian Public Sector Banks were made responsible as usual. Initially the expected subscription for these schemes were projected to be humongous, however, there was not much interest garnered from the target quarters of the citizenry . Slowly, the falling subscription rates for the schemes resulted in increased cost of subscription and the increase in turn pushed the schemes farther away from the intended beneficiaries. This is when, the Public Sector banks who were under pressure from the government to increase the subscription, started improvising in the most unprofessional way possible. That is, the banks started creating tools to apply for PMJJBY and PMSBY schemes in bulk and pressurized the field officials by...
