Department of Financial Services (DFS) Secretary M. Nagaraju
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bl-online Administrator
Life Insurance Corporation (LIC) of India will undergo a digital transformation in its operations soon, according to M Nagaraju, Secretary, Department of Financial Services.
While responding to an observation that services of LIC still remained traditional questions after virtually delivering the 69 Foundation Day Lecture at the Administrative Staff College of India (ASCI), Hyderabad on Saturday, Nagaruju said: “LIC will become completely digital in next two months.”
Stating that the digital transformation would be similar to what State Bank of India (SBI) had undergone in terms of various processes, the secretary hinted at a comprehensive set of reforms in insurance which will be announced soon. The banking app of SBI would also be upgraded for wider services, he added. The concerns on cybercrime in financial transactions were also being looked into, the official said.
Earlier, in his lecture on ‘Viksit Bharat: Financial Inclusion and Institutional Governance’ Nagaraju said schemes like Pradhan Mantri Jan Dhan Yojana (PMJDY), PM Mudra Yojana (PMMY), among others had made significant progress in the last 10 years with PMJDY alone having more than 57 crore beneficiaries with a total balance of ₹2.75 lakh crore and average balance of ₹4,850.
Institutional governance with strong standards, inter-regulatory collaboration and strong data protection were essential for effectiveness of financial inclusion, Nagaraju said.
Published on December 6, 2025
