Three years of PM Narendra Modi government: Financial schemes take a big leap
Updated: May 24, 2017 10:03 PM
As the Narendra Modi-led NDA government is about to complete three-years in office, various financial schemes of the government have taken a big leap.
As the Narendra Modi led National Democratic Alliance (NDA) government is about to complete three-years in office, various financial schemes of the government have taken a big leap. The average deposit in the Pradhan Mantri Jan Dhan Yojana (PMJDY) has doubled in two years. Modi launched PMJDY in August 2014 to include poor in the banking system who didn’t have a bank account. The latest data of the Department of Financial Services says that the average deposit per account has more than doubled from Rs. 1,064 in March 2015 to Rs. 2,235 in March 2017.
The deposit base of PMJDY accounts has also increased. As on 05.04.2017, the deposit balance in PMJDY accounts was Rs. 63,971 crore in 28.23 crore accounts. The Bank Mitra network has also gained in strength and usage.
The average number of transactions per Bank Mitra, on the Aadhaar Enabled Payment System operated by Bank Mitras, has risen by over eightyfold, from 52 transactions in 2014-15 to 4,291 transactions in 2016-17. After demonetisation, the government also added additional 12.54 lakh point of sale (PoS) terminals.
Here is the epitome of other financial schemes:
PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA (PMJJBY)
As on 12th April, 2017, cumulative gross enrolment reported by banks subject to verification of eligibility, etcetera is about 3.1 crore under PMJJBY. A total of 63291 claims were registered under PMJJBY of which 59770 have been disbursed.
PRADHAN MANTRI SURAKSHA BIMA YOJANA (PMSBY)
As on 12th April, 2017, Cumulative Gross enrolment reported by Banks subject to verification of eligibility, etc. is about 10 Crore under PMSBY. A total of 12816 claims were registered under PMSBY of which 9646 have been disbursed.
ATAL PENSION YOJANA (APY)
As on 31st March, 2017, a total of 48.54 lakh subscribers have been enrolled under APY with a total pension wealth of Rs. 1,756.48 crore.
PRADHAN MANTRI MUDRA YOJANA (PMMY)
Under the scheme a loan of up to Rs. 50000 is given under sub-scheme ‘Shishu’; between Rs. 50,000 to 5.0 lakh under sub-scheme ‘Kishore’; and between 5.0 lakh to 10.0 lakh under sub-scheme ‘Tarun’.
As per latest data, loans extended under the PMMY during 2016-17 have crossed the target of Rs. 1,80,000 crore for 2016-17. Sanctions currently stand at Rs. 1,80,528 crore.
The number of borrowers this year were about 4 crore, of which over 70 per cent were women borrowers. About 18 per cent of the borrowers were from the Scheduled Caste Category, 4.5 per cent from the Scheduled Tribe Category, while Other Backward Classes accounted for almost 34 per cent of the borrowers.
STAND UP INDIA
The Scheme facilitates bank loans between Rs.10 lakh and Rs.1 crore to at least one Scheduled Caste/ Scheduled Tribe borrower and at least one woman borrower per bank branch for setting up greenfield enterprises. This enterprise may be in manufacturing, services or the trading sector.
As on 11th April, 2017, Rs 5807.7 crore has been sanctioned in 28444 accounts. Of these, women hold 22708 accounts with sanctioned loan of Rs 4740.11 crore, Scheduled Caste persons hold 4487 accounts with sanctioned amount of Rs 825.17 crore while Scheduled Tribe persons hold 1249 accounts with a sanctioned amount of Rs. 242.43 crore.
VARISHTHA PENSION BIMA YOJANA (VPBY)
The revived Varishtha Pension Bima Yojana (VPBY) was formally launched by the Finance Minister on 14.08.2014 based on the budget announcement made during 2014-15 and has been opened during the window stretching from 15th August, 2014 to 14th August, 2015. Thus all those who subscribe to the VPBY during this period will receive an assured guaranteed return of 9% under the policy. As per LIC, a total number of 3,23,128 policies with corpus amount of Rs. 9073.20 crore have been subscribed to the Scheme.
SCHEMES FOR SCHEDULED CASTES
The Modi government has launched schemes to promote entrepreneurship among the Scheduled Castes (SC).
Venture Capital Fund for Scheduled Castes scheme is operational since 16.01.2015 with a present corpus of Rs. 290.01 crore contributed by Ministry of Social Justice and Empowerment, Govt. of India (Rs. 240.01 crore) and IFCI Ltd. as sponsor and investor (Rs. 50 crore). As of 15.03.2017, IFCI Venture Capital Fund Ltd. has sanctioned and disbursed Rs. 236.66 crore and Rs. 109.68 crore.
The Credit Enhancement Guarantee Scheme (CEGS) for Scheduled Castes is operational has a budget of Rs 200 crore as announced in the Union Budget of 2014-15