Indian Government Important Schemes Schemes

 Pradhan Mantri Jan Dhan Yojana (PMJDY)

The Honorable Prime Minister declared Pradhan Mantri Jan Dhan Yojana the National Financial Inclusion Mission in his Independence Day speech on August 15, 2014 to ensure full financial inclusion for all households in the country by providing universal access to banking services. According to this, people who do not have a savings account can open an account without any minimum balance requirement and can open them if they themselves certify that they do not have any of the valid official documents required to open. Saving account. a small account.

As such, PMJDY makes banking easier for the uninitiated and raises awareness of financial products through financial education programs. Moreover, they were given RuPay debit card with built-in accident insurance of Rs. 200,000 and get overdraft facility after six months of good account or credit history. Additionally, through the Prime Minister's Social Security Scheme introduced by the Prime Minister on May 9, 2015, all eligible account holders can obtain Personal Accident Insurance under Pradhan Mantri Suraksha Bima Yojana, Life Insurance Account under Pradhan through their bank. Mantri Jeevan Jyoti Bima Yojana and minimum pension guaranteed to subscribers under Atal Pension Yojana. PMJDY is considered a bold, innovative and ambitious mission. 287.0 million (66.69%) of PMJDY accounts are in rural areas and 2.387 billion (over 55.47%) of PMJDY account holders are women, which speaks to the inclusiveness of this situation.

The PMJDY account deposit base is growing over time. As of August 18, 2021, the deposit balance in the PMJDY account is Rs. 1,46,230.71 million. The average deposit per account has more than tripled from Rs. Rs. 1,064 in March 2015 to 3,397 in August 2021. From Jan Dhan to Jan Suraksha
On May 9, 2015, the Prime Minister launched three social security schemes in the insurance and pension sector to establish a universal social security system for all Indians, especially the poor and vulnerable.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

PMJJBY is aimed at people aged 18 to 50 with a bank account allowing them to join/activate an automatic debit card. Aadhar is the primary KYC for bank accounts. Life insurance rupee. 200,000 is for one year from June 1 to May 31, renewable. Risk coverage under the scheme is Rs. If the insured dies due to any reason, pays 200,000. The premium is Rs. $436 per year will be automatically debited from the subscriber's bank account in installments according to the options provided by the subscriber no later than May 31 of each annual coverage period under the scheme. This plan is offered by life insurance companies and any other life insurance companies that are willing to offer the product on similar terms and obtain the necessary approvals and work with the banks for this purpose. As of June 30, 2022, PMJJBY's cumulative registrations exceed 13.11 million.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The program is for people between the ages of 18 and 70 with a bank account that agrees to register/activate an automatic debit card no later than May 31, with a coverage period of June 1 to May 31, with an annual payment renewals. Aadhar will be the main KYC for bank accounts. The risk cover under the scheme is Rs. Rs 2 lakh and Rs for accidental death and total disability. 100,000 partially disabled. The annual premium of Rs 20 will be debited from the account holder's bank account in installments via the "automatic debit" feature. The scheme is offered by a public sector general insurance company or any other general insurance company willing to offer a product on similar terms with the necessary approvals and in liaison with the bank for this purpose. As of June 30, 2022, the cumulative number of records under PMSBY exceeded 290,100.

Atal Pension Yojana (APY)

The YPA was launched by the Prime Minister on May 9, 2015. The APY is open to all holders of a savings bank/post office account aged between 18 and 40, and the contributions vary according to the amount of pension chosen. Subscribers will receive a guaranteed minimum monthly pension of Rs. 1,000 or Rs. 2,000 or Rs. 3,000 or Rs. 4,000 or Rs. 5,000 at age 60. Under the APY, a subscriber can receive a monthly annuity, and upon the death of both their spouse and their spouse, the pool of annuities accrued at age 60 of the subscriber will be refunded to the subscriber's agent. The minimum pension will be guaranteed by the state, i.e. the central government will finance the contributory capitalization pool if the return on investment is lower than the expected return on investment and insufficient to provide the guaranteed minimum pension. Or, if the return on investment is higher, policyholders will receive higher retirement benefits. In the event of the premature death of a subscriber, the government has decided that the subscriber's spouse will continue to contribute to the subscriber's APY account for the remainder of the vesting period, until the initial subscriber reaches the age of 60 years. The subscriber's spouse is entitled to the same pension as the subscriber until the spouse's death. In the event of the death of the subscriber and his/her spouse, the subscriber's representative will be entitled to receive the annuities accumulated up to the age of 60 of the subscriber. As of July 31, 2021, a total of 32.102 million subscribers were registered under APY.

Pradhan Mantri Mudra Yojana

The program was launched on April 8, 2015. Under this scheme, loans of up to Rs. 50,000 available under “Shishhu” sub-plan; between Rs. 50,000 to 500,000 under the “Kishore” sub-programme and between Rs. 500,000 and 1 million under the “Tarun” sub-programme. The loans do not require collateral. These measures aim to build the self-confidence of young, educated or skilled workers who can now aspire to be first-generation entrepreneurs; existing small businesses will also be able to expand their assets. As of August 20, 2021, Rs. Rs 16,22,203 crore has been approved in a note of $3.07 billion.

stand in india plane
The Indian government launched the Stand Up India program on April 5, 2016. The scheme offers bank loans ranging from Rs 1 lakh to Rs 1 crore to at least one SC/ST borrower and at least one female borrower per bank branch to set up a new business. These can be manufacturing, service or trade related to agriculture. All planned commercial banks will benefit at least 250,000 borrowers. The program works and loans are granted by regular commercial banks throughout the country.

The Stand Up India program aims to promote entrepreneurship among women, SC and ST categories, i.e. populations facing significant barriers due to lack of advice/guidance and insufficient credit and delayed. The program is designed to use institutional credit structures to reach these underserved population sectors when starting new businesses. It meets the needs of ready-to-use borrowers and apprentices.

To expand the scope of unsecured guarantees, the Indian government has established the Credit Guarantee Fund of India (CGFSI). Apart from providing credit facilities, the Stand Up India program also plans to provide support to prospective borrowers. This allows for convergence with central government/state plans. Applications under the program can also be made online at the dedicated Stand Up India portal (www.standupmitra.in). As of August 23, 2021, Rs. 266.88 million funds from 1,18,462 accounts have been sanctioned.

Pradhan Mantri Vaya Vandana Yojana

`Pradhan Mantri Vaya Vandana Yojana (PMVVY) was launched by the government to protect people aged 60 and above against future declines in interest income due to uncertain market conditions and to provide social security for people elderly. Implemented by the Life Insurance Corporation of India (LIC), the scheme is open for registration until March 31, 2023.

PMVVY offers a guaranteed annual rate of return of 7.40% for the 2020-2021 financial year with an insurance period of 10 years. In subsequent years, while the scheme is in operation, the guaranteed rate of return will be reset each year from April 1 of the fiscal year based on the applicable rate of return of the Senior Citizens' Savings Scheme (SCSS), capped at 7 .75%. A new evaluation of the plan is made with the threshold value.

Pension payments under Yojna are paid monthly, quarterly, semi-annually or annually, depending on the option exercised by the subscriber. The minimum purchase price under this plan is Rs. 1,62,162/- minimum pension of Rs. 1000/- per month with a maximum purchase price of Rs. Pension of Rs 1.5 lakh per person old. 9,250/- per month.