Finmin to meet heads of banks on Wednesday to review financial inclusion schemes

Finmin to meet heads of banks on Wednesday to review financial inclusion schemes

Finance Ministry has called a meeting of heads of Public Sector Banks (PSBs) on Wednesday to review progress of various financial inclusion schemes, including Jan Suraksha and Mudra Yojana.

The meeting, which would see participation from representatives of private sector banks, is scheduled to be chaired by Financial Services Secretary M Nagaraju.

According to sources, the meeting to be chaired by the Secretary would also discuss and review the progress of various financial inclusion schemes including PM SVANidhi Schemes.

The Finance ministry from time to time launched various drives to achieve saturation under Pradhan Mantri Jan dhan Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).

The PMJJBY offers life insurance cover of Rs 2 lakh, in case of death due to any reason, to people in the age group of 18-50 years having a bank or post office account, who give their consent to join or enable auto-debit of premium.

On the other hand, the PMSBY offers insurance cover of Rs 2 lakh for accidental death or total permanent disability and Rs 1 lakh for partial permanent disability to people in the age group of 18-70 years with a bank or post office account, who give their consent to join or enable auto-debit of premium.

StandUp India Scheme, launched on April 5, 2016, with a focus on economic empowerment and job creation, has been extended up to 2025.

The scheme aims to encourage all bank branches in extending loans to borrowers belonging to SC, ST and women borrowers in setting up their own greenfield enterprises.

Last year, the government approved the continuation of the Prime Minister Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) Scheme till December 2024.

The PM SVANidhi Scheme was launched in June 2020 by the government as a micro-credit facility with an aim to empower street vendors to recover losses incurred as a result of the Covid-19 pandemic.

Through PM SVANidhi, affordable collateral-free loans are given to street vendors.