As 2024 comes to an end, the Ministry of Finance has announced and launched many initiatives to make savings and investments easier for the common citizens of India. These include the Kisan Credit Card scheme, which empowers farmers, and the Stand Up India scheme, which encourages entrepreneurship in marginalised sections and many more.
Let’s see the key points and achievements of these initiatives that have impacted India’s financial landscape in 2024.
Read More: RBI raises collateral-free loan limit to ₹2 lakh for farmers amid rising costs
Kisan Credit Card (KCC)
The Kisan Credit Card initiative (KCC) has helped farmers to get enough and timely access to cheap finance for agricultural and allied activities. This scheme promotes long-term development and financial growth.
On 15th November 2022, a countrywide, special district-level, weekly KCC Special Campaign was launched. As of September 2024, more than 38.58 lakh applications have been approved for farmers in the animal husbandry, dairy, and fisheries sectors.
Total KCC accounts are 7.72 crore with an outstanding balance of Rs. 9.99 lakh crore.
Stand Up India Scheme
The Stand Up India scheme promotes entrepreneurship by providing loans to SC, ST, and women entrepreneurs. Loans from Rs. 10 lakh to Rs. 1 crore are available for setting up greenfield projects in manufacturing, business, or the service sector and agricultural activities.
As of 30th November 2024, 2.52 lakh accounts have been sanctioned for Rs. 56,975 crore, and Rs. 30,587 crore has been disbursed. Women entrepreneurs account for 76% of all loans sanctioned, with 1.91 lakh accounts.
Pradhan Mantri Mudra Yojana (PMMY)
Pradhan Mantri Mudra Yojana has sanctioned more than 50 crore credit accounts for Rs. 31.28 lakh crore as of 1st November 2024. The scheme aims to help aspiring entrepreneurs by providing financial assistance. The total amount disbursed is Rs. 30.55 lakh crore, with SC/ST accounts being 22% (11.19 crore) and women being 68% (34.01 crore).
Atal Pension Yojana (APY)
With over 7 crore members, the Atal Pension Yojana provides a safe and guaranteed pension to its subscribers so that they can have peace of mind. The scheme offers a minimum guaranteed pension of Rs. 1000 to Rs. 5000 per month after 60 years of age. As of 2nd December 2024, 7.15 crore members have enrolled, with 47% being women.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Pradhan Mantri Jeevan Jyoti Bima Yojana has covered around 21 crore beneficiaries with Rs. 2 lakh life insurance coverage so that they can have financial security in uncertain times. As of 20th October 2024, the scheme has a total enrolment of 21.67 crore with 860,575 claims disbursed for Rs. 17,211.50 crore.
Pradhan Mantri Jan Dhan Yojana (PMJDY)
Pradhan Mantri Jan Dhan Yojana has become a symbol of financial inclusion for the unbanked population of the country. As of 20th November 2024, the scheme has 54.03 lakh accounts and deposits of Rs. 2,37,575 crore. Women account for 55.7% of the accounts, with 66.6% of the accounts in rural or semi-urban areas. Till now 36.92 crore RuPay cards have been issued.
Salient Features of Scheme
- No charges for opening & maintaining of account
- No minimum balance
- Free RuPay debit card
- Accidental Insurance cover of Rs. 2 lakh on RuPay card Interest on deposit
- Access to pension and micro-insurance products
- DBT benefit to Beneficiaries of government schemes
- Facility of making digital payments
- Easy transfer of money across India
- Overdraft facility upto Rs. 10,000 to eligible account holders
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Nearly 48 crore people have joined in the Pradhan Mantri Suraksha Bima Yojana, which gives Rs. 2 lakh in accident insurance coverage. As of November 20, 2024, the system has a total enrolment of 47.59 crore, with 1,47,641 claims disbursed at Rs. 2,931.98 crore.
NPS Vatsalya
NPS Vatsalya, which was launched on September 18, 2024 by Union Minister for Finance and Corporate Affairs Nirmala Sitharaman, empowers children by providing them with a stable financial foundation. The plan lets parents and guardians to contribute to youngsters’ accounts until they reach 18, at which point the account effortlessly transfers into an NPS account. The initiative has resulted in 67,974 account openings.
