Finmin to review banks’ progress under financial inclusion schemes on April 13: Sources

Financial inclusion schemes include Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), etc.

The Finance Ministry will be holding a review of the financial inclusion schemes with public sector banks on April 13 including the Mudra yojana and Stand Up India scheme, sources said.

"The meeting on April 13 will review progress under financial inclusion and related issues, jansuraksha schemes, pradhanmantri mudra yojana, Stand Up India and PM SVANidhi scheme," an official told Moneycontrol. The meeting will be held under the chairmanship of financial services secretary Vivek Joshi, he said.

The meeting will be attended by the SBI Chiarman, MD & CEOs of all public sector banks, and the CEO of the National Payments Corporation of India.

In order to offer banking and financial services to every individual without discrimination, the government has implemented many flagship schemes including Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), etc.

Pradhan Mantri Mudra Yojna (PMMY) was launched in 2015 to finance micro and small enterprises. Around 39 crore loans have been extended under the scheme till January 2023.

Stand-Up India scheme facilitates bank loans to scheduled caste or scheduled tribe borrowers.  The scheme was launched on April 5, 2016, to promote SC, ST, and women entrepreneurs at the grassroot level, focusing on economic empowerment and job creation. In 2019-20, the Stand-Up India Scheme was extended till 2025. Loans worth over Rs 40,000 crore were sanctioned to more than 1,80,000 entrepreneurs under the Stand-Up India Scheme in the past seven years.

PM Street Vendor’s AtmaNirbhar Nidhi (PMSVANidhi) scheme launched in FY21 provides collateral-free loans to street vendors. In FY23, the number of beneficiaries is likely around 4.82 lakh, while the number stood at 8.86 lakh in FY22 and 20.58 lakh in FY21.