Send Your Query

 

                         

   

   

Indian Economy - Important Schemes, Programs & Organisations - Finance Sector
                                                                                                    September 24, 2017


Finance Sector

BHIM Aadhaar – Aadhar Payment App for Merchants


In a bid to promote Aadhaar-based payment system, Modi government has launched a new Android app for merchants to accept payments using their biometric data or the registered data under UIDAI's Aadhaar number. 

Aadhaar-based payment system is currently being used by 1,10,000 business correspondents for disbursing cash, and is also being utilised in Common Service Centres to pay for various services.

The app has been jointly developed by UIDAI,NPCI and IDFC Bank. The Unique Identification Authority of India (UIDAI) is the nodal body responsible for rolling out the Aadhaar programme in the country. Transactions through the app would be made with the help of registered data under UIDAI's Aadhaar number.


BHIM Referral Bonus Scheme & Cashback Scheme


Finance Minister ArunJaitley announced two new schemes to boost the adoption of BHIM (Bharat Interface for Money) digital payment app. 

Prime Minister launched the referral scheme for Bharat Interface for Money (BHIM) app on 14 April. 

Anyone who referred and explained how to use the BHIM app will stand a chance to earn money.


Pradhan Mantri Jan Dhan Yojana

Pradhan Mantri Jan-DhanYojana is India's National Mission for Financial Inclusion to ensure access to financial services, namely Banking Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner. 

This financial inclusion campaign was launched by the Prime Minister of India NarendraModi on 28 August 2014. He had announced this scheme on his first Independence Day speech on 15 August 2014. 

It is run by Department of Financial Services, Ministry of Finance. 

On the inauguration day, 1.5 Crore (15 million) bank accounts were opened under this scheme.Guinness World Records Recognises the Achievements.


Pradhan Mantri MUDRA Yojana (PMMY)

Pradhan Mantri Mudra Yojana under the Micro Units Development and Refinance Agency (MUDRA) Bank is a new institution being set up by Government of India for development and refinancing activities relating to micro units.

It was announced by the Finance Minister while presenting the Union Budget for FY 2016. 

The purpose of MUDRA is to provide funding to the non corporate small business sector. 

Loans worth about Rs 1 lakh crore have been sanctioned to small entrepreneurs under the Pradhan Mantri MUDRA Yojana.

Under the scheme, Pradhaan Mantri Mudra Yojana three categories of interventions has been named which includes 

Shishu :- Loan up to Rs.50,000 

Kishore :- Loan ranging from Rs.50,000 (US$780) to Rs.5 lakh 

Tarun :- Loan above Rs.5 lakh (US$7,800) and below Rs.10 lakh


Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Pradhan Mantri Jeevan Jyoti Bima Yojana is a government-backed Life insurance scheme in India. 

It was originally mentioned in the 2015 Budget speech by Finance Minister ArunJaitley in February 2015. 

Only 20% of India's population has any kind of insurance, this scheme aims to increase the number.

Eligibility: Available to people in the age group of 18 to 50 and having a bank account. 

People who join the scheme before completing 50 years can, however, continue to have the risk of life cover up to the age of 55 years subject to payment of premium.

Premium: Rs.330 per annum. It will be auto-debited in one instalment.

Payment Mode: The payment of premium will be directly auto-debited by the bank from the subscribers account.

Risk Coverage: Rs.2 Lakh in case of death for any reason.

Terms of Risk Coverage: A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing, in which case his account will be auto-debited every year by the bank.

Who will implement this Scheme?: 

The scheme will be offered by Life Insurance Corporation and all other life insurers who are willing to join the scheme and tie-up with banks for this purpose.

Government Contribution:

(i) Various other Ministries can co-contribute premium for various categories of their beneficiaries out of their budget or out of Public Welfare Fund created in this budget out of unclaimed money. This will be decided separately during the year.

(ii) Common Publicity Expenditure will be borne by Government.


Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Pradhan Mantri Suraksha Bima Yojana is a government-backed accident insurance scheme in India.

It was originally mentioned in the 2015 Budget speech by Finance Minister ArunJaitley in February 2015.

Eligibility: Available to people in age group 18 to 70 years with bank account.

Premium: Rs.12 per annum.

Payment Mode: The premium will be directly auto-debited by the bank from the subscribers account. This is the only mode available.

Risk Coverage: For accidental death and full disability - Rs.2 Lakh and for partial disability – Rs.1 Lakh.

Eligibility: Any person having a bank account and Aadhaar number linked to the bank account can give a simple form to the bank every year before 1st of June in order to join the scheme. Name of nominee to be given in the form.

Terms of Risk Coverage: A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing in which case his account will be auto-debited every year by the bank.

Who will implement this Scheme?: 
The scheme will be offered by all Public Sector General Insurance Companies and all other insurers who are willing to join the scheme and tie-up with banks for this purpose.

Government Contribution:
(i) Various Ministries can co-contribute premium for various categories of their beneficiaries from their budget or from Public Welfare Fund created in this budget from unclaimed money. This will be decided separately during the year.

(ii) Common Publicity Expenditure will be borne by the Government.

Atal Pension Yojana (APY)

Atal Pension Yojana is a government-backed pension scheme in India targeted at the unorganised sector. 

It was originally mentioned in the 2015 Budget speech by Finance Minister ArunJaitley in February 2015.

APY will be focussed on all citizens in the unorganised sector, who join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA) and who are not members of any statutory social security scheme

Under the APY, the subscribers would receive the fixed pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, depending on their contributions, which itself would vary on the age of joining the APY.

The minimum age of joining APY is 18 years and maximum age is 40 years. Therefore, minimum period of contribution by the subscriber under APY would be 20 years or more.

The benefit of fixed pension would be guaranteed by the Government. The Central Government would also co-contribute 50% of the subscriber’s contribution or Rs. 1000 per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years, i.e., from 2015-16 to 2019-20, who join the NPS before 31st December, 2015 and who are not income tax payers.

The existing subscribers of Swavalamban Scheme would be automatically migrated to APY, unless they opt out.

Atal Pension Yojana (APY) is open to all bank account holders who are not members of any statutory social security scheme.

SwavalambanYojana was a government-backed pension scheme targeted at the unorganised sector in India. 

It was applicable to all citizens in the unorganised sector who joined the National Pension Scheme (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA) Act 2013.

Under the scheme, the Government of India contributed Rs1,000 per year to each NPS account opened in the year 2010-11 and for the next three years, that is, 2011-12, 2012-13 and 2013-14. 

The benefit was available only to people who joined the NPS with a minimum contribution of Rs1,000 (US$16) and maximum contribution of Rs12,000 (US$190) per annum.

The scheme was announced by the Finance Minister in Budget 2010-11