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Finance Ministry Calls Meeting of Public Sector Banks; Tuesday's Meeting Agenda Explained in Simple Points

The Finance Ministry has scheduled a meeting with the heads of Public Sector Banks (PSBs) to assess the progress of various financial inclusion schemes, including PM Vishwakarma, Jan Suraksha, and Mudra Yojana. This meeting, chaired by Financial Services Secretary Vivek Joshi, will review the status of several flagship schemes and discuss additional financial inclusion issues. […]

Finance Ministry Calls Meeting of Public Sector Banks; Tuesday's Meeting Agenda Explained in Simple Points
Finance Ministry Calls Meeting of Public Sector Banks; Tuesday's Meeting Agenda Explained in Simple Points

The Finance Ministry has scheduled a meeting with the heads of Public Sector Banks (PSBs) to assess the progress of various financial inclusion schemes, including PM Vishwakarma, Jan Suraksha, and Mudra Yojana. This meeting, chaired by Financial Services Secretary Vivek Joshi, will review the status of several flagship schemes and discuss additional financial inclusion issues.

Key Points of the Meeting:

1. PM Vishwakarma Scheme:

– Launched in September last year by Prime Minister Narendra Modi.
– Provides loan assistance at minimal interest rates to traditional craftsmen and artisans without requiring collateral.
– Financial outlay of Rs 13,000 crore over five years.
– Aims to benefit about 30 lakh families, including weavers, goldsmiths, blacksmiths, laundry workers, and barbers.

2. Review of Other Flagship Schemes:

StandUp India: Focuses on economic empowerment and job creation. It encourages all bank branches to extend loans to SC, ST, and women to set up greenfield enterprises. This scheme has been extended until 2025.

PM SVANidhi: Aims to provide working capital loans to street vendors to help them restart their businesses post the COVID-19 lockdown.

3. PM JanDhan Yojana (PMJDY):

– Review of the targets and status of inoperative accounts.
– Issuance of RuPay cards will be evaluated.

4. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):

– Provides life insurance coverage of Rs 2 lakh to individuals aged 18-50 years with a bank or post office account.
– Requires the consent of individuals to join or enable auto-debit of the premium.

Financial Inclusion Issues:

– The meeting will cover the progress of these schemes, addressing challenges and finding ways to enhance the implementation and impact.
– It aims to ensure that financial assistance reaches the intended beneficiaries effectively, boosting economic empowerment and financial inclusion across various sectors of society.

By addressing these key schemes and initiatives, the Finance Ministry aims to further its mission of financial inclusion and empowerment for marginalized and underserved communities in India.

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FINANCE MINISTRYPublic Sector Banks MeetingTDGThe Daily Guardian