PM Modi Yojana List, List of schemes of the government of India.
PM Modi Yojana List
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Pradhan Mantri Jan-Dhan Yojana (PMJDY)
The Pradhan Mantri Jan-Dhan Yojana (PMJDY) was initiated in August 2014 with the aim of achieving comprehensive financial inclusion in India. Its primary objective was to ensure that every household in the country has access to basic banking services, including at least one bank account, and to promote financial literacy, access to credit, insurance, and pension facilities.
PMJDY allowed individuals without official valid documents to open a bank account, with no minimum balance requirement. It also facilitated the creation of small accounts for those who had the necessary documents. To expand the reach of banking services, more than 6 lakh villages were divided into 1.59 lakh Sub-Service Areas (SSAs), each comprising 1000 to 1500 households, with 1.26 lakh SSAs having no banks. Bank Mitras were deployed to provide branch-less banking services in these areas.
The scheme aimed to enhance financial awareness through literacy programs and provided a RuPay Debit Card with an in-built accident insurance cover of Rs 2 lakh, as well as an overdraft facility for individuals with a satisfactory account history of six months. Additionally, eligible account holders could benefit from personal accident insurance and life insurance cover through the social security schemes, Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana, respectively, and could avail of the Atal Pension Yojana for a guaranteed minimum pension.
In the first phase of the scheme, the target was to include 14.48 crore households within one year of its launch. By January 26, 2015, the scheme had achieved 12.55 crore accounts, and by March 27, 2019, the number had increased to 35.27 crore. Notably, around 60% of these accounts were in rural areas, and over 53% of the account holders were women.
The deposit base of PMJDY accounts has grown significantly over time, reaching Rs 96,107 crore as of March 27, 2019. The average deposit per account also increased from Rs 1,064 in March 2015 to Rs 2,725 in March 2019. Moreover, the Bank Mitra network witnessed a substantial increase in usage, with the average transaction per Bank Mitra via the Aadhaar-enabled payment system rising from 52 in 2014 to 4,291 in 2016-17.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is accessible to all bank account holders between the ages of 18 and 50 who have consented to join the scheme and for auto-debit. It provides a life cover of Rs 2 lakh for a one-year period from June 1 to May 31, which can be renewed annually. In the event of the insured person’s death due to any cause, the plan offers a risk coverage of Rs 2 lakh. The annual premium for this scheme is Rs 436, which is auto-debited in a single installment from the subscriber’s bank account on or before May 31, as per the subscriber’s choice.
The Life Insurance Corporation and other life insurers provide this scheme on these terms and conditions after obtaining the necessary approvals and entering into an agreement with the banks. As of June 30, 2022, the cumulative net enrollment reported by banks for PMJJBY coverage stands at 13.11 crore, subject to verification of eligibility. Out of the total registered claims of 6,21,372 under PMJJBY, 5,92,192 claims have been disbursed.
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is open to individuals aged 18 to 70 who hold a bank account and provide their consent to join the scheme or authorize withdrawal support before May 31 for the coverage period from June 1 to May 31 of the following year. This coverage is available on an annual renewal basis. Aadhaar serves as the primary KYC document for bank accounts.
The scheme offers a risk coverage of Rs 2 lakh for accidental death and total disability, and Rs 1 lakh for partial disability. An annual premium of Rs 20 is deducted in a single installment through the ‘Auto Withdrawal’ facility from the account holder’s bank account.
This scheme is provided by public sector general insurance companies or any other general insurance company willing to offer the product with the necessary approvals and consents, on the same terms and conditions, in partnership with the banks.
As of June 30, 2022, the cumulative gross enrollment under PMSBY, subject to eligibility verification, has surpassed 29.01 crore. Out of a total of 1,26,505 claims, 1,00,052 claims have been disbursed under PMSBY.
Atal Pension Yojana (APY)
The Atal Pension Yojana (APY) was launched by the Prime Minister on May 9, 2015. It is accessible to all savings bank/post office savings bank account holders between the ages of 18 and 40. The subscription amount varies depending on the chosen pension amount. Subscribers are guaranteed a minimum monthly pension of Rs 1000, Rs 2000, Rs 3000, Rs 4000, or Rs 5000 upon reaching the age of 60.
Under APY, the monthly pension is available to the subscriber during their lifetime and subsequently to their spouse. In the event of the subscriber’s demise, the entire accumulated pension until the age of 60 will be returned to the nominee. The government guarantees the minimum pension. If the accumulated fund based on subscriptions is insufficient to provide the guaranteed minimum pension, the Central Government will cover the deficit. Alternatively, if the return on investment is higher, the subscriber will receive increased pension benefits.
If the subscriber passes away prematurely, the spouse has the option to continue the APY account until the subscriber would have reached the age of 60. The spouse will be entitled to the same pension amount until their own demise. After the demise of both the subscriber and their spouse, the nominee will receive the accumulated pension benefits until the subscriber would have turned 60.
As of March 31, 2019, a total of 149.53 lakh subscribers had enrolled in APY, with a total pension benefit amounting to Rs 6860.30 crore.
Pradhan Mantri Mudra Yojana
The scheme was launched on April 8, 2015, and it offers loans categorized into three sub-schemes: ‘Shishu’ provides loans up to Rs 50,000, ‘Kishore’ offers loans ranging from Rs 50,000 to Rs 5.0 lakh, and ‘Tarun’ extends loans from Rs 5.0 lakh to Rs 10.0 lakh. Collateral is not required to avail of these loans. These measures are intended to instill confidence in young, educated, or skilled individuals, enabling them to aspire to become first-generation entrepreneurs and expand existing small businesses actively.
As of March 31, 2019, a total of Rs 3,21,722 crore has been disbursed across 5.99 crore accounts, with the disbursements distributed as follows: Rs 142,345 crore under the ‘Shishu’ category, Rs 104,386 crore under the ‘Kishore’ category, and Rs 74,991 crore under the ‘Tarun’ category.
Stand Up India Scheme
The Government of India initiated the Stand Up India Scheme on April 5, 2016. The scheme facilitates bank loans ranging from Rs 10 lakh to Rs 1 crore to at least one borrower from the SC/ST community and at least one woman borrower from each bank branch. These loans are intended for establishing new ventures in the manufacturing, service, or trading sectors. All scheduled commercial banks are involved in the implementation of the scheme, which aims to benefit a minimum of 2.5 lakh borrowers. Loans are currently being provided across the country through scheduled commercial banks.
The Stand Up India Scheme is designed to promote entrepreneurship among women, Scheduled Castes, and Scheduled Tribes, who often face challenges due to limited and delayed access to credit, as well as a lack of guidance and mentorship. The scheme introduces relaxed institutional credit structures to facilitate access to underserved segments of the population for initiating new enterprises. It caters to the requirements of both potential and trained borrowers. To expand collateral-free coverage, the Government of India has established the Credit Guarantee Fund for Stand Up India (CGFSI). In addition to providing credit facilities, the Stand Up India Scheme promotes the provision of mentoring support to potential borrowers. It can also be integrated with the schemes offered by the Central and State Governments. Applications for the scheme can be made online through the Stand Up India Portal, and an online monitoring system called Stand Up Mitra is utilized.
As of March 31, 2019, a total sanctioned amount of Rs 16,085 crore has been disbursed across 72,983 accounts, with 59,429 accounts benefiting women, 3,103 accounts benefiting individuals from the Scheduled Tribes, and 10,451 accounts benefiting individuals from the Scheduled Castes.
Pradhan Mantri Vaya Vand Na Yojana:
The Pradhan Mantri Vaya Vandana Yojana (PMVVY) was launched to offer protection to senior citizens aged 60 and above against potential declines in interest income due to unpredictable market conditions, while also providing them with social security. The scheme is executed through the Life Insurance Corporation of India (LIC) and is open for subscription until March 31, 2023.
For the financial year 2020-21, PMVVY offers a return of 7.40% per annum for a policy term of 10 years. In the following years, when the scheme remains in operation, the scheme’s rate will be revised on April 1 of each financial year, with the maximum limit set at 7.75%, in line with the applicable rate of return for the Senior Citizens Savings Scheme (SCSS). The guaranteed rate of return will be re-evaluated annually.
Pension payments under the scheme are disbursed on a monthly, quarterly, half-yearly, or yearly basis, depending on the choice made by the subscriber. The scheme stipulates that the minimum purchase price for securing a minimum monthly pension of Rs 1,000 is Rs 1,62,162, while the maximum purchase price to receive a monthly pension of Rs 9,250 is capped at Rs 15 lakh per senior citizen.
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