The finance ministry has scheduled a meeting of bank heads for Tuesday to review the progress of various financial inclusion schemes. According to Rediff Moneynews, the meeting will be chaired by Financial Services Secretary Sanjay Lohiya and will focus on assessing the implementation and effectiveness of these government initiatives. The meeting, as reported by sources, will also discuss and review the progress of various financial inclusion schemes, including the Pradhan Mantri Mudra Yojana aimed at providing funds to unfunded enterprises.
The meeting will specifically address the Pradhan Mantri Jan Dhan Yojana and Pradhan Mantri Mudra Yojana, which support small enterprises through collateral-free loans. As reported by Rediff Moneynews, the PM Mudra Yojana, launched in April 2015, aims to provide collateral-free loans to micro and small enterprises to support entrepreneurship and job creation. The scheme has become a flagship initiative particularly among youth and women entrepreneurs, with the finance ministry launching various drives to achieve saturation under the scheme over the years.
The finance ministry will also review progress on PM Jeevan Jyoti Bima Yojana (PMJJBY) and PM Suraksha Bima Yojana (PMSBY), which offer insurance coverage to different age groups. According to Rediff Moneynews, PMJJBY provides life insurance cover of ₹2 lakh for people aged 18-50 years with bank accounts, who give their consent to join or enable auto-debit of premium. PMSBY offers insurance cover of ₹2 lakh for accidental death and ₹1 lakh for partial permanent disability to those aged 18-70 years.
The meeting will also address the StandUp India Scheme, launched on April 5, 2016, which focuses on economic empowerment and job creation. As reported by Rediff Moneynews, this scheme aims to encourage all bank branches to extend loans to borrowers belonging to SC, ST and women borrowers for setting up greenfield enterprises. Additionally, the PM SVANidhi Scheme, launched in June 2020, provides micro-credit facilities with affordable collateral-free loans to street vendors affected by the Covid-19 pandemic.
