UPSC Study Notes 2018: Important Government Schemes to Remember

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Pradhan Mantri Jan Dhan Yojana (PMJDY)

·  Announced in PM’s Independence speech on 15^th Aug 2014.

· Under this, a person not having a savings account can open an account without the requirement of any minimum balance and, in case they self-certify that they do not have any of the officially valid documents required for opening a savings account, they may open a small account.

·  This scheme is launched to carry out Financial Inclusion by ensuring that each household should have at least 1 bank account

· Country Divided into 1.59 lakh Sub Service area’s (SSA). One SSA has approximately 1000 to 1500 households.

· SSA’s without Bank Branches were assigned Bank Mitra’s (Branchless banking)

· Subscribers get RuPay debit card, with inbuilt accident insurance cover of Rs. 1 lakh, and access to overdraft facility upon satisfactory operation of account or credit history of six months.

 

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

·  Started on 9^th May, 2015

·  For all Bank Account holders whose age is between 18 to 50 years

· The life cover of ₹ 2 lakh is for the one year period stretching from 1st June to 31st May and is renewable and Risk coverage under this scheme is for ₹ 2 lakh in case of death of the insured, due to any reason.

·  The premium for this scheme is ₹ 330 per year which is to be auto-debited in one instalment from the subscriber’s bank account

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

·   Started on 9^th May, 2015

·   For all Bank Account holders whose age is between 18 to 70 years

· The risk coverage under the scheme is ₹ 2 lakh for accidental death and full disability and ₹ 1 lakh for partial disability at a premium of ₹ 12 per year which will be auto paid by account holders bank account by “Auto-Debit facility”.

·  Provided by all public sector insurance companies.

Atal Pension Yojana (APY)

·  Started on 9^th May, 2015.

·  APY is open to all bank/post office savings account holders in the age group of 18 – 40 years.

· Subscribers shall receive assured monthly pension from ₹ 1000 to ₹ 5000 based on their contributions after the age of 60 years

· After the subscriber’s death, the pension shall pass onto his/her spouse.

· The minimum pension would be guaranteed by the Government, i.e., if the accumulated corpus based on contributions earns a lower than estimated return on investment and is inadequate to provide the minimum guaranteed pension, the Central Government would fund such inadequacy. Alternatively, if the returns on investment are higher, the subscribers would get enhanced pensionary benefits.

Pradhan Mantri Mudra Yojana

·  Started on 8^th April 2015.

·   Loans given under 3 sub schemes –

·   Shishu – up to ₹50,000

·   Kishore – between ₹50,000 to ₹5.0 Lakhs

·   Tarun – between ₹5 Lakhs to ₹10 lakhs

·   Non-Collateral Loans

·  To promote entrepreneurship among youth and help small businesses to expand.

·   As on 23^rd March 2018 the total amount of Loans disbursed under this scheme was ₹ 220596.05 crores

Stand Up India Scheme

· Launched on 5^th April 2016

· To give bank loans between ₹10 lakhs and ₹1 crore to at least one SC / ST borrower and at least one Woman borrower per bank branch for setting up greenfield enterprises.

· In case of non-individual enterprises at least 51% of the shareholding and controlling stock should be held by a SC / ST or a woman entrepreneur.

·   Implemented through all scheduled commercial banks

·  To benefit at least 2.5 lakh borrowers

·  It is promoting entrepreneurship amongst women, SC & ST category

· Government of India has set up the Credit Guarantee Fund for Stand Up India (CGFSI).

·  Dedicated Stand Up India portal

Pradhan Mantri Vaya Vandana Yojana (PMVVY) – Assured Pension of 8% for people aged above 60.

·  Implemented through LIC.

·   Started in May 2017.

·   Assured return of 8% per annum payable monthly

·   Monthly interest rate of ₹ 1000 for an investment of  ₹ 1.50 lakh and ₹  5000 for an investment of ₹ 7.5 lakh.

·  Policy period is 10 years.

·  Person can get a loan up to 75% of the purchase price

Hope this helps!