India Post Payments Bank Affirms Commitment to India’s Labour Force
India Post Payments Bank (IPPB) has launched the Antyodaya Shramik Suraksha Yojana (ASSY), an innovative insurance scheme designed to provide essential coverage for unorganized sector workers. Announced on Labour Day, the initiative aims to enhance the welfare of laborers across India. Since its inception in July 2023, the scheme has already issued nearly 700,000 policies and processed over 350 claims, reflecting its commitment to improving the lives of Shramiks.
Launch of the Antyodaya Shramik Suraksha Yojana
The Antyodaya Shramik Suraksha Yojana was officially launched by the Chief Minister of Gujarat on July 8, 2023, in Kheda. This scheme is specifically tailored for the unorganized sector, which often lacks access to adequate insurance and financial security. By providing affordable insurance options, IPPB aims to protect the livelihoods of millions of workers who form the backbone of the Indian economy. The initiative underscores IPPB’s dedication to supporting laborers and enhancing their quality of life through financial security.
Impact and Reach of the Scheme
Since the launch of ASSY, a total of 697,531 policies have been issued to laborers, demonstrating a significant uptake among the target demographic. The scheme has successfully settled 355 claims, with a total disbursement of ₹5,41,17,754. This financial support is crucial for many workers who may face unexpected challenges. The insurance is offered through IPPB in collaboration with six insurance partners, including prominent names like New India Assurance and Bajaj Allianz. This partnership ensures that the scheme is both reliable and accessible to those who need it most.
IPPB’s Commitment to Labor Welfare
On Labour Day, R. Viswesvaran, the Managing Director and CEO of IPPB, emphasized the bank’s commitment to the welfare of laborers. He stated that the Antyodaya Shramik Suraksha Yojana is a vital step towards uplifting the lives of Shramiks. The initiative aims to provide them with the necessary tools to improve their living standards and overall well-being. IPPB’s efforts are part of a broader mission to ensure that every citizen has access to financial services, thereby fostering economic empowerment.
About India Post Payments Bank
India Post Payments Bank was established under the Department of Posts, Ministry of Communication, with full ownership by the Government of India. Launched on September 1, 2018, IPPB aims to create a banking environment that is accessible, affordable, and trustworthy for all citizens. The bank leverages a vast network of approximately 165,000 post offices, primarily in rural areas, to reach underserved populations. By focusing on digital banking solutions, IPPB strives to facilitate a cashless economy and contribute to the vision of Digital India, ensuring that every transaction is significant and every customer is valued.
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