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Government Schemes in India 2018 Under Narendra Modi

Government Schemes in India 2018 Under PM Narendra Modi

Government Schemes in India 2018 Under PM Narendra Modi

1) Pradhan Mantri Jan Dhan Yojana (PMJDY)

Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme was launched by our Hon’ble Prime Minister on 15th August 2014 to achieve Financial Inclusion i.e. access to banking services to all the households in the country, financial literacy, access to credit, insurance and pension facility. There is no minimum balance required to be maintained under this scheme. Apart from it, Bank Mitra is also deployed for branchless banking. The Bank Mitra network has also gained in strength and usage.

What are the additional benefits provided under PMJDY?

  • You will receive a RuPay debit card
  • Inbuilt accident insurance cover of Rs. 1 lakh, and
  • Access to overdraft facility upon satisfactory operation of account or credit history of six months.

Till now 16.87 crores (60%) of PMJDY accounts are opened in rural areas and 14.49 crore (over 51%) PMJDY account holders are women which shows the inclusive aspect of this scheme.

 

From Jan Dhan to Jan Suraksha- 

On 9th May 2015, the Prime Minister of India launched three Social Security Schemes in the Insurance and Pension sectors especially for the poor and the under-privileged people. These are:

Pradhan Mantri Jeevan Jyoti Bima Yojana that provides life insurance cover.

Pradhan Mantri Suraksha Bima Yojana that provides accident insurance cover.

Atal Pension Yojana that provides guaranteed minimum pension to subscribers.

 

2) Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)-

The PMJJBY scheme is offered by the LIC and all other life insurers who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose.

 

Who is eligible for PMJJBY?

People in the age group of 18 to 50 years having a bank account are eligible for PMJJBY. The life cover of Rs. 2 lakh is for the one year period stretching from 1st June to 31st May and is renewable. Risk coverage under this scheme is for Rs. 2 lakh in case of death of the insured, due to any reason.

Premium amount – Rs. 330 per annum 

How to deposit premium? It will be deducted from the account holder’s bank account through ‘auto-debit’ facility on or before 31st May.

 

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3) Pradhan Mantri Suraksha Bima Yojana (PMSBY) – 

The PMSBY scheme is provided by Public Sector or any other Insurance Companies who are willing to offer the scheme on similar terms defined by the government in the scheme.

 

Who is eligible for PMSBY?

People in the age group of 18 to 70 years can avail this scheme having a bank account who give their consent to join/ enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis.

Aadhar would be the primary KYC for the bank account. The risk coverage under the scheme is Rs. 2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability.

Premium amount – Rs.12 per annum

How to deposit premium?It will be deducted from the account holder’s bank account through ‘auto-debit’ facility.

 

4) Atal Pension Yojana (APY)- 

Atal Pension Yojana (APY) was launched on 9th May 2015 by the Prime Minister.

 

Who is eligible for APY?

All saving bank/post office account holders in the age group of 18 to 40 years can avail the benefits of the APY scheme

 

What is the contribution amount for APY?

It differs based on the pension amount chosen by the subscriber & he would be entitled to receive the guaranteed minimum monthly pension of Rs. 1,000 or Rs. 2,000 or Rs. 3,000 or Rs. 4,000 or Rs. 5,000 accordingly at the age of 60 years. In case of death of the subscriber, the monthly pension will be provided to spouse and after their death, the pension corpus, as accumulated at age 60 of the subscriber, would be returned to the nominee of the subscriber.

 

5) Pradhan Mantri Mudra Yojana- 

The main objective behind the launch of Pradhan Mantri Mudra Yojana is to boost confidence among young, educated or skilled workers who would now with the help of this loan expand their business activities.

Pradhan Mantri Mudra Yojana scheme was launched on 8th April 2015 under which

Loan of up to Rs. 50,000 is provided under ‘Shishu’ sub-scheme; 

Rs. 50,000 to 5.0 Lakhs loan is provided under ‘Kishore’ sub-scheme;

5.0 Lakhs to 10.0 Lakhs loan comes under sub-scheme ‘Tarun’.

These loans do not require any collateral.

 

6) Stand Up India Scheme- 

To promote entrepreneurship amongst women, SC & ST category, Stand Up India scheme was launched to help overcome the challenges they face due to lack of advice/mentorship as well as inadequate and delayed credit.

 

To promote manufacturing, services or the trading sector at least one SC/ ST borrower and at least one Woman borrower per bank branch will be eligible to get loans from banks amounting between Rs.10 lakh and Rs.1 crore. The scheme is implemented through all Scheduled Commercial Banks & will benefit at least 2.5 lakh borrowers. The government of India has set up the Credit Guarantee Fund for Stand up India to extend collateral free coverage.

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August 8, 2018

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