The government has launched various schemes, from loans to pensions, for the people of India.
The Central Government runs numerous schemes for the people of India to promote financial independence. These schemes cater to various segments of the population, including senior citizens and those in need. The initiatives encompass a wide range of areas such as banking, insurance, digital payments, and retirement plans.
Here are some of the crucial schemes implemented by the government for the welfare of the people:
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Pradhan Mantri Jan Dhan Yojana [PMJDY]
Prime Minister Narendra Modi announced this scheme in 2014 as the National Mission for Financial Inclusion. This scheme was launched to ensure the financial stability of people in India by providing them with universal access to various facilities in banks. People who do not have savings accounts in banks can create an account without any minimum balance. Individuals who do not possess the necessary official valid documents required to open a savings account have the option to open a small account by self-certifying their status.
Also, people with less knowledge about banking services and financial products can get well-versed in the facts about PMJDY through the financial literacy program. In addition, people receive a Rupay debit card with inbuilt accident insurance of Rs 2 Lakh. Through this scheme, the government provides Insurance Coverage, government subsidies, and credit facilities.
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Pradhan Mantri Suraksha Bima Yojana [PMSBY]
People falling under the age bracket of 18 to 70 who have given consent to join or enabled auto debit before May 31st for the coverage period from June 1st to May 31st have access to this scheme. The Aadhaar card is the primary requirement for the bank account for KYC. Under this scheme, Rs 2 lakh is paid for accidental death and total disability and Rs 1 Lakh for partial disability. This scheme is offered by Public Sector Insurance Companies or General Insurance companies that are interested in offering the product with similar terms and can tie up with banks.
Atal Pension Yojana [APY]
This scheme was launched on May 9, 2015. It is open to all saving bank account holders under the age group of 18 to 40 years. Under this scheme, people associated with it receive a guaranteed monthly pension of Rs 1,000 to Rs 5,000 at the age of 60. This scheme provides a pension to the subscriber’s spouse after his death. The spouse is entitled to receive the same pension as the subscriber.
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Pradhan Mantri Mudra Yojana [PMMY]
Launched on April 8, 2015, this scheme provides loans under various sub-schemes. Rs. 50,000 is given under the Shishu sub-scheme, Rs. 50 Lakh under the ‘Kishore’ sub-scheme, and the ‘Tarun’ sub-scheme provides loans between Rs. 5 Lakh to Rs. 10 Lakh. Collaterals are not required to avail of this as this scheme is to encourage people to become entrepreneurs and start their businesses.
Pradhan Mantri Vaya Vandana Yojana [PMVVY]
It was launched to protect elderly people over 60 against uncertain market conditions and give them social security. This scheme is implemented by the Life Insurance Corporation of India (LIC]. It ensures a fixed pension for old people who register themselves under this scheme.
