Sazo launched the scheme at a formal programme organised by SBI Kohima.
He laid emphasis on the need for the state government to work fast if Nagaland was to take maximum advantage of central schemes.
The Speaker highlighted the need to provide Aadhaar numbers to every citizen in the state to fully utilise the Pradhan Mantri Jan Dhan Yojna (PMJDY).
SBI, Corporate Centre, General Manager, G C Pandey said around 150 camps were being simultaneously organised across the state commemorating the launch of the programme.
The scheme will cover 7.5 crore people nationwide by January 26, 2015, who will be provided zero-balance bank account with RuPay debit card, life insurance cover of Rs 30,000 in addition to accidental insurance cover of Rs 1 lakh.