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

M Nagaraju, Secretary, Ministry of Financial Services Photo credit: Devarajan RN 1231@Chennai

While responding to an observation that LIC’s services still remained traditional queries after delivering the 69 Foundation Day Lecture virtually on Saturday at the Administrative Staff College of India (ASCI), Hyderabad, Nagaruju said, “LIC will become fully digital in the next two months.”

Stating that the digital transformation would be similar to what the State Bank of India (SBI) has undergone in terms of various processes, the secretary hinted at a comprehensive set of insurance reforms to be announced soon. SBI’s banking app would also be upgraded for broader services, he added. Concerns over cybercrime in financial transactions are also being looked into, the official said.

Earlier, Nagaraju in his talk on ‘Viksit Bharat: Financial Inclusion and Institutional Governance’ said that schemes like Pradhan Mantri Jan Dhan Yojana (PMJDY), PM Mudra Yojana (PMMY), among others, had made significant progress over the past decade with PMJDY alone having over 57 crore beneficiaries with a total balance of ₹2.75 lakh crore and an average balance of ₹4,850.

Institutional governance with strong standards, interregulatory cooperation and strong data protection were essential for the effectiveness of financial inclusion, Nagaraju said.

Published on December 6, 2025