FinMin Calls Meeting With PSB Heads On Tuesday To Review Financial Inclusion Schemes’ Progress

The meeting would undertake a review of the progress in various schemes such as StandUp India, PM SVANidhi, etc, the report said citing sources in the know

The meeting, scheduled for Tuesday, is set to be chaired by Vivek Joshi, Secretary, Financial Services.

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The Finance Ministry called for a meeting with the heads of the Public Sector Banks (PSBs) on Tuesday to evaluate the progress of several financial inclusion initiatives, such as Mudra Yojana, Jan Suraksha, and PM Vishwakarma. The meeting, scheduled for Tuesday, is set to be chaired by Vivek Joshi, Secretary, Financial Services.

The meeting would undertake a review of the progress in various schemes such as StandUp India, PM SVANidhi, etc, reported PTI citing sources in the know. Further, the meeting would also hold discussions on other issues related to financial inclusion, the report stated.

Earlier last year in September, Prime Minister Narendra Modi launched the PM Vishwakarma scheme wherein traditional craftsmen and artisans would be given loan assistance at a minimal interest rate without any collateral need.

The scheme has a financial outlay of Rs 13,000 crore for a period of five years and would benefit 30 lakh families of traditional artisans and craftsmen. This scheme covers weavers, goldsmiths, laundry workers, barbers, and blacksmiths.

The report noted that the meeting would also review the targets for PM JanDhan Yojana. The report cited sources and said that the status of inoperative accounts under the scheme along with the RuPay cards issuance would also be reviewed.

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides customers life insurance cover of Rs 2 lakh, in case of death due to any reason, to individuals aged 18-50 years with a bank account or post office account. The customers would have to provide consent to join or allow auto-debit of premium.

Earlier last year, the Centre also authorised the continuation of the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme till December 2024. The scheme, launched earlier in June 2020, provides a micro-credit facility to help empower street vendors to help recover losses incurred during the Covid-19 pandemic.