Pradhan Mantri Jan Dhan Yojana (PMJDY)
promoting financial inclusion
Objectives of PMJDY
(i) Universal access to banking facilities for all households across the country through a bank branch or a fixed point Business Correspondent (BC) within a reasonable distance.
(ii) To cover all households with atleast one Basic Bank Account with RuPay Debit card having inbuilt accident insurance cover of Rs.1 lakh.
(iii) An overdraft facility upto Rs.5000/- after satisfactory operation in the account for 6 months.
(iv) A Life Cover of Rs.30,000/- to those beneficiaries who open their accounts for the first time from 15.08.2014 to 31.01.2015.
(v) Financial literacy programme which aims to take financial literacy upto village level.
(vi) The Mission also envisages expansion of Direct Benefit Transfer under various Government Schemes through bank accounts of the beneficiaries.
(vii) Providing micro –insurance to the people.
(viii)Un=organised sector Pension schemes through the Business Correspondents.
Achievements under PMJDY (as on 21st December,2016)
(i) 26.03 crore accounts have been opened under PMJDY out of which 15.86 crore accounts are in rural areas and 10.17 crore in urban areas.
(ii) Deposits of Rs. 71,557.90 crore has been mobilized.
(iii) 19.93 crore RuPay Debit cards have been issued under PMJDY.
(iv) Aadhaar seeding in PMJDY accounts 14.43 crore
(v) Zero balance accounts has been reduced to 23.86%
(vi) Household Coverage: 99.99% households out of the 21.22 crore households surveyed have been covered under PMJDY.
Insurance Claims settled
(i) As on 23rd December, 2016, out of 1712 claims lodged, 1626 claims have been disposed off under accidental insurance cover of Rs. 1 lakh under RuPay debit card .
II Jan Dhan to Jan Suraksha
Social Security Schemes in the Insurance and Pension sectors;
1. Pradhan Mantri Suraksha Bima Yojna,
2. Pradhan Mantri Jeevan Jyoti Bima Yojana and
3. Atal Pension Yojana on Pan India basis on the 9th of May, 2015.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
1. The PMJJBY is available to people in the age group of 18 to 50 years having a bank account who give their consent to join / enable auto-debit.
2. Aadhar would be the primary KYC for the bank account.
3. The life cover of Rs. 2 lakhs shall be for the one year period
4. Risk coverage under this scheme is for Rs. 2 Lakh in case of death of the insured, due to any reason.
5. The premium is Rs. 330 per annum which is to be auto-debited in one installment from the subscriber’s bank account
6. The scheme is being offered by Life Insurance Corporation and all other life insurers
Pradhan Mantri Suraksha BimaYojana (PMSBY)
1. age group 18 to 70 years with a bank account who give their consent to join / enable auto-debit
2. Aadhar would be the primary KYC for the bank account.
3. The risk coverage under the scheme is Rs. 2 lakh for accidental death and ull disability and Rs. 1 lakh for partial disability.
4. The premium of Rs. 12 per annum
5. The scheme is being offered by Public Sector General Insurance Companies or any other General Insurance Company
Atal Pension Yojana (APY)
(i) APY was launched on 9th May, 2015
(ii) APY is open to all bank account holders in the age group of 18 to 40 years and the contributions differ, based on pension amount chosen.
(ii) Subscribers would receive the guaranteed minimum monthly pension of Rs. 1000 or Rs. 2000 or Rs. 3000 or Rs. 4000 or Rs. 5000 at the age of 60 years
(iii) Under APY, the monthly pension would be available to the subscriber, and after him to his spouse and after their death, the pension corpus, as accumulated at age 60 of the subscriber, would be returned to the nominee of the subscriber
(vi) The Central Government would also co-contribute 50% of the total contribution or Rs. 1000 per annum, whichever is lower, for a period of 5 years
Some recent revisions in APY
In the event of premature death of the subscriber, Government has decided to give an option to the spouse of the subscriber to continue contributing to APY account of the subscriber, for the remaining vesting period, till the original subscriber would have attained the age of 60. The earlier provision was to over lump sum amount to spouse on the premature death (death before 60 years of age) of the subscriber.
III. Pradhan Mantri Mudra Yojana (PMMY)
Launched on April 08, 2015 to provide formal access of financial facilities to Non –Corporate Small Business Sector (NCSBS).
All loans sanctioned on or after April 08, 2015 upto a loan size of Rs.10 lakh for non-farm income generating activities will be branded as PMMY loans.
Objective: To promote & ensure bank finance to unfunded segments of the economy.
Non–Corporate Small Business Segment (NCSB) comprising of proprietorship / partnership firms running as small manufacturing units, service sector units, shopkeepers, fruits / vegetable vendors, truck operators, food-service units, repair shops, machine operators, small industries, artisans, food processors and others, in rural and urban areas.
Features of MUDRA Loans under PMMY
1. Borrowers can avail loan facility from any Public/Private/ Regional Rural Banks, NBFCs and MFIs.
2. No processing fee for loans up to Rs.50000/- (SHISHU category).
3. Banks have been mandated by RBI not to insist for collateral security in the case of loans upto 10 lakh extended to the units in the Micro Small Enterprises sector.
4. Activities allied to Agriculture’ , e.g. pisciculture , beekeeping, poultry , livestock , rearing , grading, sorting , aggregation agro industries, diary, fishery, agriclinics and agribusiness centers, food & agro-processing, etc also included
5. all credit related matters of banks including charging of interest (ROI) have been deregulated by RBI and are governed by the banks’ own lending policies.
IV. Stand-Up India Scheme
Launched on 5th April, 2016. The scheme envisages extending bank loans between Rs. 10 lakh to Rs. 1 crore for Greenfield Enterprises set-up by SC, ST and Women entrepreneurs and extending effective handholding support to them.
Each bank branch is to extend loans to at least one SC/ST and one woman entrepreneur.
Enterprises covered under the scheme may be in manufacturing, services or the trading sector.
The Scheme shall be implemented through 1.25 lakh bank branches of all Scheduled Commercial Banks.
Credit Guarantee Fund Scheme for Stand-Up India (CGFSI) is operational with a corpus fund of Rs.5,000 crore.
A dedicated portal (www.standupmitra.in) for the Stand-Up India Scheme is active.
The portal as a virtual market place endeavors to provide ‘End to End’ solutions not only for credit delivery but also for a host of handholding services.
Vidya Lakshmi Portal
Vidya Lakshmi Portal (VLP) (www.vidyalakshmi.co.in) was launched on August 15, 2015.
Developed and is being maintained by NSDL e-Governance Infrastructure Limited.
Students can view, apply and track the education loan applications made to banks anytime, anywhere by accessing the portal.
Twenty seven PSBs, 6 Private Sector Banks and two co-operative Bank have integrated their system with the Vidya Lakshmi Portal for submitting on-line loan applications and for providing loan processing status to students.
This initiative aims to bring on board all Banks providing Educational Loans. The portal covers 64 educational loan schemes of different banks.
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