Finance, Insurance and Social Welfare Related Programmes


                                                                                                                       Updated in March 2015
Pradhan Mantri Jan Dhan Yojna (PMJDY) was launched on 28th August, 2014 with a revised target of 10 crore bank accounts by 26th January 2015. The scheme has yielded deposits of Rs. 836905.5 lakh with 1063.9 lakh new bank accounts as on 03.01.2015. Payment solutions are an important part of financial inclusion for which a new card payment scheme known as RuPay Card has been in operation since 8th May, 2014. Banks have further been asked to provide universal coverage across all the six lakh villages of the country by providing at least one Basic Banking Account, per household, with indigenous RuPay Debit Card having inbuilt accident insurance of Rs. 1.00 lakh and life insurance cover ofRs. 30,000. The RuPay Card is on par with other debit cards. These two schemes are complementary and will enable achievement of multiple objectives such as financial inclusion, insurance penetration and digitalization. Credit Risk Guarantee Fund (CRGF): This Fund has been created to guarantee the lending agencies for loans to new EWS/LIG borrowers in urban areas seeking individual housing loans not exceeding a sum of Rs. 8 lakh (earlier Rs.5 Lakh) for a housing unit of size upto 430 sqft (40 sqm) carpet areas without any third party guarantee or collateral security
Rajiv Rinn Yojana (RRY): RRY is a Central Sector Scheme applicable in all the urban areas of the Country and provides for interest subsidy of 5% (500 basis points) on loans granted to Economically Weaker Sections and Low Income Groups to construct their houses or extend the existing ones.
 Aam Aadmi Bima Yojana (AABY): The AABY extends life and disability cover to persons between the age of 18 years to 59 years, living below and marginally above the poverty line in 47 identified vocational / occupational groups, including rural landless households. The Scheme is also available to all RSBY beneficiaries. The AABY provides insurance cover on natural death, death due to accident, permanent and total permanent disability due to accident. It also provides an add-on-benefit of Scholarship of Rs 100 per month per child to a maximum of two children.
 National Social Assistance Programme (NSAP): Schemes under NSAP are social security/welfare scheme for the persons living Below Poverty Line (BPL) and pension/assistance is provided to the BPL household in both rural as well as urban areas. Venture Capital Fund for Scheduled Castes: This was announced in Interim Budget Speech for FY 2014-15 and accordingly, the Government has allocated Rs.200 crore for the fund.
Scheme of Equity Support to the National Safai Karamcharis Finance and Development Corporation (NSKFDC) and National Scheduled Castes Finance and Development Corporation (NSFDC): These corporations implement various loan Schemes and skill development programmes for the development of the target group.
Tribal Sub Plan and Special Area Programmes: There are two special area programmes, (i) Special Central Assistance to States to supplement their TSP (SCA to TSP) for income generating schemes, creation of incidental infrastructure, community based activities and development of forest villages, and (ii) grants under Article 275(I) of the Constitution for development and upgradation of administration in tribal areas. The latter is also used for setting up of Eklavya Model Residential Schools (EMRS) in States for providing quality education in remote areas.
National Scheduled Tribes Finance and Development Corporation (NSTFDC) provides loans and micro-credit at concessional rates of interest for income-generating activities.

Monday, 16th Mar 2015, 08:59:28 AM

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