The Finance Ministry has called a meeting of the heads of Public Sector Banks (PSBs) on Wednesday to review the progress of various financial inclusion schemes, including Jan Suraksha and Mudra Yojana.
The meeting, which will also see participation from representatives of private sector banks, is scheduled to be chaired by Financial Services Secretary M. Nagaraju.
According to sources, the meeting will review the progress of various financial inclusion schemes, including the PM SVANidhi Scheme.
The Finance Ministry has, 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).
PMJJBY offers life insurance cover of ₹2 lakh in case of death due to any reason to people aged 18-50 years with a bank or post office account, who give their consent to join or enable auto-debit of premium.
Meanwhile, PMSBY offers insurance cover of ₹2 lakh for accidental death or total permanent disability, and ₹1 lakh for partial permanent disability, to people aged 18-70 years with a bank or post office account, who give their consent to join or enable auto-debit of premium.
The StandUp India Scheme, launched on 5 April 2016 with a focus on economic empowerment and job creation, has been extended until 2025.
The scheme aims to encourage all bank branches to extend loans to SC, ST, and women borrowers to set up their own greenfield enterprises.
Last year, the government approved the continuation of the Prime Minister Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) Scheme until December 2024.
Launched in June 2020, the PM SVANidhi Scheme is a micro-credit facility aimed at empowering street vendors to recover losses incurred due to the Covid-19 pandemic.
Under PM SVANidhi, affordable, collateral-free loans are provided to street vendors.
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