PRADHAN MANTRI MUDRA YOJANA (PMMY) : “ FUND THE UNFUNDED”
ATAL PENSION YOJANA (APY)
PRADHAN MANTRI SURAKSHA BIMA YOJANA (PMSBY)
PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA (PMJJBY)
In the current fiscal, Department of Financial Services has taken various initiatives and launched different Financial Inclusion & Social Security related Schemes in its pursuit of achieving the goal of Universal Financial Inclusion.
Let’s revise the schemes here with important facts to score good marks in General awareness Section:
The biggest financial inclusion initiative in the world was announced by the Prime Minister on 15th August 2014 and Mega launch was done by him on 28th August 2014 across the country. This National Mission on Financial Inclusion has an ambitious objective of covering all households in the countrywith banking facilities and having a bank account for each household. It has been emphasized by the Prime Minister that this is important for including people left-out into the mainstream of the financial system.
The Government started the PMJDY to provide ‘universal access to banking facilities’ starting with “Basic Saving Bank Account” with an overdraft upto Rs.5000 subject to satisfactory operation in the account for six months and RuPay Debit card with inbuilt accident insurance cover of Rs. 1 lakh .
Till November 2015, Banks have opened 19.21 Crore accounts under PMJDY with deposit of more than 26819 crores. Rupay cards issued to 16.51 Cr. customers.
Two lakh accounts are opened per day.
Jan Dhan Yojana features in Guinness Book of World Records: Guinness World Records recognised the achievements made under PMJDY for opening 18,096,130 accounts by Banks in a week (from 23 to 29 August, 2014) as a part of Financial Inclusion Campaign.
Payment of wages under MNREGA: More than Rs 4273 crore have been routed through these accounts till June 2015 towards payment of wages under MNREGA. (Source: MNREGA, Ministry of Rural Development).
DBTL transactions: Transfer of subsidy of more than Rs 17446 crore through Jan Dhan accounts from November 2014 to 31st July 2015. (Source: Ministry of Petroleum & Natural Gas).
2. PRADHAN MANTRI MUDRA YOJANA (PMMY) : “ FUND THE UNFUNDED”
In the Union Budget 2015-16, the Finance Minister proposed to create a Micro Units Development Refinance Agency (MUDRA) Bank. Pradhan Mantri Mudra Yojana (PMMY) has been launched by the Prime Minister on 8th April, 2015 to provide formal access to credit for Non –Corporate Small Business Sector.
Any Indian Citizen who has a business plan for a non-farm sector income generating activity such as manufacturing, processing, trading or service sector and whose credit need is less than 10 lakh can approach either a Bank, MFI, or NBFC for availing of MUDRA loans under Pradhan Mantri Mudra Yojana (PMMY).
Public Sector Banks have been allocated a total target of Rs.70,000 crore, and private sector/ Foreign Banks a target of Rs 30000 cr. The RRBs were given a target of Rs 22000 crore. All together, the target for loan disbursement under PMMY for F.Y 2015-16 is fixed at 1,22,000 crore.
Total Amount disbursed under PMMY- Rs. 45948.28 crore as on 25.11.2015.
Total No of borrowers-66,00,241
New Entrepreneurs- 3286094
SC/ST/OBC borrowers- 2201944
Total Mudra Card issued – 198499
3. ATAL PENSION YOJANA (APY)
The Government of India has introduced a pension scheme called the Atal Pension Yojana (APY), with effect from 1st June, 2015, pursuant to the announcement in the Budget for 2015-16 on creating a universal social security system for all Indians, especially the poor, the under-privileged and the workers in the unorganised sector.
APY is being administered by the Pension Fund Regulatory and Development Authority (PFRDA) under the overall administrative and institutional architecture of the National Pension System (NPS).
APY is being operationalised through CBS enabled Banks. Public Sector Banks, Private Sector Banks, Regional Rural Banks, Apex Cooperative Banks and District Central Cooperative Banks have already started the process of mobilization and registration of the subscribers’ under Atal Pension Yojana.
A total of 10.35 lakh subscribers have been enrolled under the Scheme as on 24.11.2015.
4. PRADHAN MANTRI SURAKSHA BIMA YOJANA (PMSBY)
The Pradhan Mantri Suraksha BimaYojana (PMSBY) is a one year personal accident insurance scheme, annually renewable offering coverage of Rs. two lakh for death or permanent total disability andRs. one lakh for permanent partial disability due to an accident. It is available to people in the age group of 18 to 70 years.
The Pradhan Mantri Jeevan Jyoti BimaYojana (PMJJBY) is a one year life insurance scheme, annually renewable offering coverage of Rs. two lakh for death due to any reason and is available to people in the age group of 18 to 50 years (life cover up to age 55 on payment of premium after enrolment up to age 50 years).
Under PMJJBY, the share of Public Sector Banks (including RRBs) is 91%.
I hope this information will be helpful for you.
All the Best !!!
IMPORTANT SCHEMES LAUNCHED BY GOVT --FOR INTERVIEW
Reviewed by sambasivan srinivasan