Government schemes

The Indian government has developed various initiatives throughout the years that have helped Indian individuals improve their financial situations such as the qrmp scheme that have contributed to the country’s economy. The following are seven initiatives launched by the government after independence.

1. Pradhan Mantri Jan Dhan Yojna 

PMJDY is like a National Mission for Financial Inclusion that aims to provide low-cost access to financial services in the forms of savings and deposit accounts, remittance, credit, insurance, and pensions. Prime Minister Narendra Modi introduced the initiative on Independence Day in 2014.

What has altered?

  • So far, 29.43 crore bank accounts have been opened.
  • The amount in these accounts is Rs 65 532.77 crore.
  • 1.26 million Bank Mitras provides branchless banking services in Sub-Service Areas and is expanding.
  • There are approximately 25 crore Jan Dhan accounts in the country, nearly 5.8 crores of which are zero-balance accounts.

2. Sukanya Samriddhi Yojna (SSY)

On January 22, 2015, Narendra Modi introduced the Sukanya Samridhi scheme as part of his ‘Beti Bacho, Beti Padhao’ campaign. This program aims to cover the costs of a girl child’s education and marriage.

What are the characteristics?

  • It allows for the creation of one account per girl kid. If a family has two female children, they can have a maximum of two accounts.
  • However, if the first or second delivery resulted in twins or triplets, a third account can be formed.
  • A minimum of Rs. 1,000 and a maximum of Rs. 1.5 lakh can be paid back in a single fiscal year.
  • Transaction in the account can be made until 14 years have passed from the date the account was opened.

3. Pradhan Mantri Jeevan Jyoti Bima Yojana

The PMJJBY, announced by Finance Minister Arun Jaitley in Budget 2015, is unusual because it is a renewable insurance policy that provides life insurance coverage of Rs. 2 lakhs on death. Along with it, the Pradhan Mantri Suraksha Bima Yojana and the Atal Pension Yojna were introduced.

Who can benefit from this?

  • This scheme is open to anyone with a savings bank account between the ages of 18 and 50.
  • The connection of Aadhar with the account is required to receive the benefits offered by this scheme.

4. The National Social Assistance Program

This is a centrally funded scheme that began in 1995 intending to give financial help to the elderly, widows, and individuals with disabilities in social pensions.

Who can benefit?

  • Anyone above the age of 60 and living below the poverty line (BPL)
  • BPL widows between the ages of 40 and 64

5. Pradhan Mantri Mudra Yojana

MUDRA (Micro Units Development & Refinance Agency Ltd.) is a new program aimed at non-corporate, non-farm sector, micro, and small firms with loan needs of less than Rs. 10 lakhs. The Finance Minister launched this scheme in the Union Budget of 2016. There are three PMMY products available:

  • Shishu: Provides loans up to Rs. 50,000.
  • Kishore: Provides loans up to Rs. 5,00,000.
  • Tarun: Provides loans up to Rs. 100,000.

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