The Finance Ministry has scheduled a meeting on Wednesday with the heads of Public Sector Banks (PSBs) to review the progress of various financial inclusion initiatives. The meeting will focus on key schemes like Jan Suraksha and Mudra Yojana. Representatives from private sector banks will also participate in the discussions.
The meeting, set to be chaired by M Nagaraju, the Financial Services Secretary, will evaluate the implementation of several financial inclusion programs. These include the Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and the PM SVANidhi Scheme.
The Finance Ministry has been actively launching initiatives to achieve saturation under these schemes. The PMJJBY, for example, provides life insurance coverage of Rs 2 lakh in case of death due to any reason. It is available to individuals aged 18-50 who have a bank or post office account and consent to auto-debit premiums.
The PMSBY, on the other hand, offers insurance coverage of Rs 2 lakh for accidental death or total permanent disability, and Rs 1 lakh for partial permanent disability. This scheme is available to individuals aged 18-70 with a bank or post office account, also requiring consent for auto-debit of premiums.
Another important scheme under review is the StandUp India Scheme, which was launched on April 5, 2016, to promote economic empowerment and job creation. This initiative has been extended until 2025 and aims to encourage banks to provide loans to borrowers from Scheduled Castes (SC), Scheduled Tribes (ST), and women entrepreneurs to help them set up greenfield enterprises.
The government has also extended the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme until December 2024. Launched in June 2020, the scheme offers micro-credit facilities to street vendors, helping them recover from losses incurred during the COVID-19 pandemic. Through PM SVANidhi, vendors can access affordable, collateral-free loans to support their businesses.
