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Schemes Initiated by the Government of India

Schemes Initiated by the Government of India

Pradhan Mantri Vyay Vandana Yojana

Government launched the Pradhan Mantri Vyay Vandana Yojana (PMVVY) to protect elderly persons aged 60 years and above against a future fall in their interest income due to the uncertain market condition, as also to provide social security in old age. The Scheme is being implemented through LIC of India. It provides an assured return of 8 per cent annum payable monthly for 10 years.

The differential return i.e., the difference between return generated by LIC and the assured return of 8 per cent would be borne by Government of India as subsidy on annual basis.

Aam Aadmi Bima Yojana

For the benefit of the weaker sections of the society, Government of India floated a highly subsidized insurance scheme, viz., AamAadmiBimaYojana (AABY) which is administered through Life Insurance Corporation of India.

Under this social security scheme for below poverty line (BPL) and marginally above poverty line citizens are covered under 48 identified occupations.

Atal Pension Yojana

The Atal Pension Yojana (APY) was launched in May, 2015, to address the longevity risks among the workers in unorganised sector who are not covered under any statutory social security scheme.

The APY is focussed on all citizens in the unorganised sector, who join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA).

Any Indian citizen between 18-40 years of age can join through their savings bank account/post office savings account.

Pradhan Mantri Jeevan Jyoti Bima Yojana

PMJJBY is a one year life insurance scheme, renewable from year to year, offering coverage of two lakhs rupees for death due to any reason and is available to people in the age group of 18 to 50 years (life cover up to 55 years of age) having a bank account who give their consent to join and enable auto-debit.

Pradhan Mantri Suraksha Bima Yojana

The PradhanMantriSurakshaBimaYojana (PMSBY) is a one year personal accident insurance scheme, renewable from year to year, offering coverage for death/disability due to an accident and is available to people in the age group of 18 to 70 years having a bank account who give their
consent to join and enable auto-debit.

Pradhan Mantri Jan DhanYojana

With a view to increasing banking penetration and promoting financial inclusion and with the main objective of covering all households with at least one bank account per household across the country, a National Mission on financial inclusion named as (PMJDY) was announced in 2014.

National Pension System

With a view to providing adequate retirement income, the National Pension System (NPS) was introduced.

It has been made mandatory for all new recruits to the Government (except armed forces) with effect from January 1, 2004 and has also been rolled out for all citizens with effect from May 1, 2009 on a voluntary basis.

The NPS provides various investment options and choices to individuals to switch over from one option to another or from one fund manager to another, subject to certain regulatory restrictions.

The facility for seamless portability is designed to enable subscribers to maintain a single pension account (Permanent Retirement Account Number – PRAN) throughout the saving period.

Swavalamban Scheme

To encourage the workers in the unorganized sector to save voluntarily for their old age, an initiative called Swavalamban Scheme was launched in 2010.

PradhanMantri Mudra Yojana

Micro Units Development and Refinance Agency Limited (MUDRA), is a refinance institution setup by the Government of India for development of micro units by extending funding support to encourage entrepreneurship in India, mostly from non-corporate small business sector.

Under the guidelines of PradhanMantri MUDRA Yojana (PMMY), MUDRA has launched three innovative products namely Shishu, Kishor, and Tarun, which signifies the stage of growth and funding needs of the micro units or entrepreneur.

MUDRA shall refinance through state level institutions, NBFCs, MFIs, Regional Rural Banks, Nationalized Banks, Private Banks and other intermediaries

Any Indian citizen who is involved in income generating activity such as manufacturing, processing, trading and service sector and whose credit need is less than Rs. 10 lakh can approach either banks, MFIs, financial institutions or NBFC for availing of MUDRA loans under PMMY.

It has been since decided to extend funding support under PMMY for activities allied to agriculture also.

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