Finance Ministry Evaluates Public Sector Banks' Progress on Financial Inclusion Schemes

The finance ministry is convening a meeting with Public Sector Banks' heads to evaluate the progress of financial inclusion schemes such as PM Vishwakarma, Jan Suraksha, and Mudra Yojana. The review will also cover the status of PMJDY accounts, issuance of RuPay cards, and progress on other flagship schemes.

The finance ministry has summoned the heads of Public Sector Banks (PSBs) for a meeting on Tuesday to assess the development of key financial inclusion initiatives, including PM Vishwakarma, Jan Suraksha, and Mudra Yojana.

Financial Services Secretary Vivek Joshi will preside over the meeting.

Insiders reveal that the review will cover the advancement on schemes such as PM Vishwakarma, StandUp India, and PM SVANidhi, among others.

Additional discussions will focus on various financial inclusion aspects.

Prime Minister Narendra Modi had launched the PM Vishwakarma scheme in September last year to offer loan assistance without collateral to traditional craftsmen and artisans.

The initiative boasts a budget of Rs 13,000 crore for a span of five years, benefitting about 30 lakh families of traditional artisans and craftsmen, like weavers and goldsmiths.

Moreover, the meeting will evaluate targets for the PM JanDhan Yojana, and the status of inoperative accounts in this scheme will be addressed along with the issuance of RuPay cards.

Additionally, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) offers life insurance cover of Rs 2 lakh for ages 18-50 and Pradhan Mantri Suraksha Bima Yojana (PMSBY) offers similar cover for ages 18-70.

To foster entrepreneurship, StandUp India has sanctioned over Rs 40,700 crore to 1.80 lakh beneficiaries over seven years, with the program extended to 2025 to assist SC, ST, and women categories in establishing enterprises.

The PM SVANidhi Scheme, aimed at aiding street vendors, has been extended until December 2024 to offer collateral-free loans following losses from the Covid-19 pandemic.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)