LIC will become completely digital in next two months: DFS Secretary Nagaraju

Digital Transformation of LIC - Life Insurance Corporation (LIC) of India is set to undergo a digital transformation within the next two months, as stated by M Nagaraju, Secretary of the Department of Financial Services [1] - The digital transformation will mirror the changes implemented by the State Bank of India (SBI) in its operational processes [1] - A comprehensive set of reforms in the insurance sector is expected to be announced soon, alongside an upgrade to SBI's banking app for enhanced services [1] Financial Inclusion Progress - Significant progress has been made in financial inclusion schemes over the past decade, with the Pradhan Mantri Jan Dhan Yojana (PMJDY) alone benefiting over 570 million individuals, accumulating a total balance of ₹2.75 trillion and an average balance of ₹4,850 per account [2] Importance of Governance in Financial Inclusion - Effective financial inclusion requires strong institutional governance, inter-regulatory collaboration, and robust data protection measures [3]