Key
Achievements and Initiatives of Department of Financial Services for
providing Social Security and Credit to various sections of society and
ensuring Financial Inclusion
Through its Major Schemes, Department of
Financial Services is ensuring financial inclusion, providing social security
to the people as well as providing credit to various sections of the society.
The major achievements of various schemes under the Department are highlighted
below.
1. Pradhan Mantri
Jan Dhan Yojana (PMJDY)
The deposit base
of PMJDY accounts has expanded over time. As on 05.04.2017, the deposit balance
in PMJDY accounts was Rs. 63,971 crore in 28.23 crore accounts. The average
deposit per account has more than doubled from Rs. 1,064 in March 2015 to Rs.
2,235 in March 2017. 22.14 crore RuPay cards have been issued under PMJDY.
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.
2. Pradhan Mantri
Jeevan Jyoti Bima Yojana (PMJJBY)
As on 12th April, 2017,
Cumulative Gross enrolment reported by Banks subject to verification of
eligibility, etc. is about 3.1 Crore under PMJJBY. A total of 63291 claims were
registered under PMJJBY of which 59770 have been disbursed.
3. 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.
4. 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.
5. Pradhan
Mantri Mudra Yojana
Under the scheme a loan of upto Rs.
50000 is given under sub-scheme ‘Shishu’; between Rs. 50,000 to 5.0 Lakhs under
sub-scheme ‘Kishore’; and between 5.0 Lakhs to 10.0 Lakhs under sub-scheme
‘Tarun’.
As per latest data, loans extended under
the Pradhan Mantri Mudra Yojana (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. Of this amount, about Rs. 1,23,000 crore was lent by banks while non-banking
institutions lent about Rs. 57,000 crore.
Data compiled so far indicates that the
number of borrowers this year were about 4 crore, of which over 70% were women
borrowers. About 18% of the borrowers were from the Scheduled Caste Category, 4.5% from the Scheduled Tribe Category, while Other Backward
Classes accounted for almost 34% of the borrowers.
6. Stand Up India
Scheme
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.
7. 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.
8. Other
Initiatives
The Government of India in the Interim
Budget of FY 2014-15, announced the setting up of Venture Capital
Fund for Scheduled Castes under the head Social Sector Initiatives in order
to promote entrepreneurship among the Scheduled Castes (SC). The 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 to 65 and 32 beneficiaries, respectively
under the scheme since launch of the scheme.
The Credit Enhancement Guarantee
Scheme (CEGS) for Scheduled Castes (SCs) was announced by Govt. of India
in the Union Budget of 2014-15 wherein a sum of Rs.200 crore was allocated
towards credit facility cover for young and energetic start-up entrepreneurs,
belonging to SCs, who aspire to be part of neo middle class category with an
objective to encourage entrepreneurship in the lower strata of the society
resulting in job creation besides creating confidence in SCs.
Banks have undertaken Financial
Literacy
programmes through 718 Financial Literacy and Credit Counselling Centres
(FLCCs). A total of 17,422 skilling centres have been mapped with branches and
literacy centres, and financial literacy imparted to 7 lakh students. The
literacy materials have been developed in regional languages and disseminated.
Card acceptance infrastructure: To augment
card acceptance infrastructure for use of debit cards, a major drive was
undertaken between December 2016 and March 2017, resulting in an increase in
the number of Point of Sale (PoS) terminals by an additional 12.54 lakh, up
from 15.19 lakh as on 30.11.2016. Further, to improve such infrastructure in
villages, 2.04 lakh PoS terminals have been sanctioned from the Financial Inclusion Fund by NABARD.
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