April 07, 2020

PM scheme Part-8 MUDRA Yojana, PM Jan Dhan Yojana, Sukanya Samriddhi Scheme,

PM Scheme- Part-8 MUDRA"( Micro Units Development and Refinance Agency) Bank Loan Yojana
The scheme was launched on 8th April, 2015 by the Hon'ble Prime Minister Narendra Modi.
The Union Budget has announced a target of Rs. 2.44 lakh crore for Mudra Loans during 2017-18.
About Mudra Yojana
Pradhan Mantri Mudra Yojana (PMMY) is a flagship scheme of Government of India to "fund the unfunded" by bringing such enterprises to the formal financial system and extending affordable credit to them. It enables a small borrower to borrow from all Public Sector Banks such as PSU Banks, Regional Rural Banks and Cooperative Banks, Private Sector Banks, Foreign Banks, Micro Finance Institutions (MFI) and Non Banking Finance Companies (NBFC) for loans upto Rs 10 lakhs for non-farm income generating activities.
Main Stages Of Mudra Bank Yojana
1. Shishu Up to RS 50 Thousand
This stage would cater to entrepreneurs who are either in their primitive stage or require lesser funds in order to get their businesses started. Under this stage the applicant would be eligible to get up to Rs 50,000 credit.
2. Kishor Up to Rs 5 Lakhs
This stage would cater to entrepreneurs who have requirement of funds in the range of Rs 50,000 and Rs 5 lakh. This section of entrepreneurs would belong to either those who have already started their business and want additional funds to mobile the business or those who simply require this much of money to start up their businesses.
3. Tarun Rs 10 Lakhs
If an entrepreneur meets the required eligibility conditions, he/she could apply for a loan up to Rs 10 lakh. This would be the highest level of amount that an entrepreneur could apply for a start up loan.
Benefits that flow to society from MUDRA BankLoans from Mudra Bank will help to bridge the shortfall in loans for small businesses , who are unable to get institutional credit.It also provides credit of up to Rs 10 lakh to small entrepreneurs, benefitting small manufacturing units, small shopkeepers, fruits and vegetable vendors, truck operators, hawkers, artisansin in rural and urban areas.It will also act as a partner with State and regional – level coordinators to grant financial assistance to last-mile financiers of small and micro business enterprises.It Offers a Credit Guarantee scheme for providing guarantees to loans being offered to micro businesses.                      Interest Rates for MUDRA Bank LoansThe bank offers nominal rates of interest based on the requirement. Here are the interest rates for loans of different schemes provided by the MUDRA Bank:
Banks offer loans up to Rs 50,000 under the Mudra Shishu Yojana. Being a basic scheme, a nominal interest rate of around 10% to 12% is charged for the loan.
A loan amount of Rs 5,00,000 is offered under Mudra Kishor Yojana. Categorized as unsecured loan and being a middle scheme the rate of interest ranges from 14% to 17% depending on the bank, where loan is availed.
The last scheme offered is the Mudra Tarun Yojana, where a loan amount of Rs 5,00,001 to Rs 10,00,000 can be availed. An unsecured loan, this comes with an interest rate of 16% and may vary according to the bank approached.
This was all about the industries covered by the MUDRA Bank and interest rates offered on the loan scheme. In order to avail a loan, all essential details should be furnished to the bank for a seamless procedure.
Eligible borrowers
Proprietary concern.
Partnership Firm.
Private Ltd. Company.
Public Company.
Any other legal forms.
The applicant should not be defaulter to any bank or financial institution and should have a satisfactory credit track record. The individual borrowers may be required to possess the necessary skills/experience/ knowledge to undertake the proposed activity. The need for educational qualification, if any, need to be assessed based on the nature of the proposed activity, and its requirement.
Purpose of Assistance/Nature of assistance.
Need based term loan/OD limit/composite loan to eligible borrowers for acquiring capital assets and/or working capital/marketing related requirements. The MUDRA loans are provided for income generating small business activity in manufacturing, processing, service sector or trading. The Project cost is decided based on business plan and the investment proposed. MUDRA loan is not for consumption/personal needs. For the purpose of working capital limit, MUDRA has launched a new product called “MUDRA Card”, which is a Debit card issued on RuPay platform, and provides hassle free credit in a flexible manner.
A. First charge on all assets created out of the loan extended to the borrower and the assets which are directly associated with the business/project for which credit has been extended.
B. DPN (wherever applicable).
C. CGTMSE (wherever felt desirable)/MUDRA Guarantee cover (as and when introduced).
In terms of RBI guidelines issued vide Master Circular on lending to MSME Sector dated July 01, 2014, in respect of loans upto 10 lakh, banks are mandated not to accept collateral security in the case of loans upto 10 lakh extended to units in the Micro Small Enterprises (MSE) Sector.
Banks are required to encourage their branch level functionaries to avail of the Credit Guarantee Scheme cover, wherever felt desirable.     Pradhan Mantri Jan Dhan Yojana
Launched on 28th August 2014
To give financial services to weaker section of society.
About Pradhan Mantri Jan Dhan Yojana
Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings and Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.
Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet. Accounts opened under PMJDY are being opened with Zero balance. However, if the account-holder wishes to get cheque book, he/she will have to fulfill minimum balance criteria.
Pradhan Mantri Jan-Dhan Yojana(P.M.J.D.Y), Prime Minister's People Money Scheme is India's National Mission for Financial Inclusion to ensure access to financial services, namely Banking Savings and Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner. This financial inclusion campaign was launched by the Prime Minister of India Narendra Modi on 28 August 2014. He had announced this scheme on his first Independence Day speech on 15 August 2014.
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 made under PMJDY, Guinness World Records Certificate says "The most bank accounts opened in 1 week as a part of financial inclusion campaign is 18,096,130 and was achieved by Banks in India from 23 to 29 August 2014". By 1 February 2017, over 27 crore (270 million) bank accounts were opened and almost ₹665 billion (US$10 billion) were deposited under the scheme.
Objective of Pradhan Mantri Jan-Dhan Yojana
"Pradhan Mantri Jan-Dhan Yojana (PMJDY)" is ensuring access to various financial services like availability of basic savings bank account, access to need based credit, remittances facility, insurance and pension to the excluded sections i.e. weaker sections & low income groups. This deep penetration at affordable cost is possible only with effective use of technology.
PMJDY is a National Mission on Financial Inclusion encompassing an integrated approach to bring about comprehensive financial inclusion of all the households in the country. The plan envisages universal access to banking facilities with at least one basic banking account for every household, financial literacy, access to credit, insurance and pension facility. In addition, the beneficiaries would get RuPay Debit card having inbuilt accident insurance cover of र 1 lakh. The plan also envisages channeling all Government benefits (from Centre / State / Local Body) to the beneficiaries accounts and pushing the Direct Benefits Transfer (DBT) scheme of the Union Government. The technological issues like poor connectivity, on-line transactions will be addressed. Mobile transactions through telecom operators and their established centres as Cash Out Points are also planned to be used for Financial Inclusion under the Scheme. Also an effort is being made to reach out to the youth of this country to participate in this Mission Mode Programme.
In a run up to the formal launch of this scheme, the Prime Minister personally mailed to Chairmans of all PSU banks to gear up for the gigantic task of enrolling over 7.5 crore (75 million) households and to open their accounts.In this email he categorically declared that a bank account for each household was a "national priority". The scheme has been started with a target to provide 'universal and clear access to banking facilities' starting with "Basic Banking Accounts" with overdraft facility of ₹5,000 (US$78) after six months and RuPay Debit card with inbuilt accident insurance cover of ₹1 lakh (US$1,600) and RuPay Kisan Card. As many as 1,767 claims were settled toward accidental insurance to RuPay Card holders under the government's flagship financial inclusion programme Pradhan Mantri Jan Dhan Yojana (PMJDY) as said by PM on 15 August 2017. In next phase, micro insurance & pension etc. will also be added.
Under the scheme:
Account holders will be provided bank accounts with no minimum balance.RuPay debit cards will be issued.Accidental insurance cover of ₹1 lakh (US$1,600).After six months of opening of the bank account, holders will be eligible for ₹5,000 (US$78) overdraft from the bank.With the introduction of new technology introduced by National Payments Corporation of India (NPCI), a person can transfer funds, check balance through a normal phone which was earlier limited only to smart phones.Mobile banking for the poor would be available through National Unified USSD Platform (NUUP) for which all banks and mobile companies have come together
Document required to open an account under Pradhan Mantri Jan-Dhan Yojana
An account can be opened by presenting an officially valid document.
(1) the passport
(2) the driving licence
(3) the Permanent Account Number (PAN) Card
(4) the Voter’s Identity Card issued by Election Commission of India
(5) job card issued by NREGA duly signed by an officer of the State Government
(6) the letter issued by the Unique Identification Authority of India containing details of name, address and Aadhaar number, or
(7) any other document as notified by the Central Government in consultation with the Regulator: Provided that where simplified measures are applied for verifying the identity of the clients the following documents shall be deemed to be officially valid documents:—
(A) identity card with applicant's Photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, and Public Financial Institutions;
(B) letter issued by a Gazetted officer, with a duly attested photograph of the person.
Reserve Bank of India (RBI), vide its Press Release dated 26.08.2014, has further clarified that those persons who do not have any of the ‘officially valid documents’ can open “Small Accounts” with banks. A “Small Account” can be opened on the basis of a self-attested photograph and putting his/her signatures or thumb print in the presence of officials of the bank. Such accounts have limitations regarding the aggregate credits (not more than Rupees one lakh in a year), aggregate withdrawals (nor more than Rupees ten thousand in a month) and balance in the accounts (not more than Rupees fifty thousand at any point of time). These accounts would be valid normally for a period of twelve months. Thereafter, such accounts would be allowed to continue for a further period of twelve more months, if the account-holder provides a document showing that he/she has applied for any of the Officially Valid Document, within 12 months of opening the small account.
Special Benefits under PMJDY Scheme
Interest on deposit.
Accidental insurance cover of Rs. 1 lac
No minimum balance required.
The scheme provide life cover of Rs. 30,000/- payable on death of the beneficiary, subject to fulfillment of the eligibility condition.
Easy Transfer of money across India
Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts. After satisfactory operation of the account for 6 months, an overdraft facility will be permitted
Access to Pension, insurance products.
The Claim under Personal Accidental Insurance under PMJDY shall be payable if the Rupay Card holder have performed minimum one successful financial or non-financial customer induced transaction at any Bank Branch, Bank Mitra, ATM, POS, E-COM etc. Channel both Intra and Inter-bank i.e. on-us (Bank Customer/rupay card holder transacting at same Bank channels) and off-us (Bank Customer/Rupay card holder transacting at other Bank Channels) within 90 days prior to date of accident including accident date will be included as eligible transactions under the Rupay Insurance Program 2016-2017.
Overdraft facility upto Rs.5000/- is available in only one account per household, preferably lady of the household.                               Sukanya Samriddhi Scheme
Launched on 22 January 2015.
The scheme was launched by Prime Minister Narendra Modi on 22 January 2015 as a part of the Beti Bachao,Beti Padhao campaign.
The scheme currently provides an interest rate of 9.2% and tax benefits.
Key Audience -Girl Child Below 10 Years
The account can be opened at any India Post office or abranch of some authorised commercial banks
SSY Launched under the scheme Beti Bachao, Beti Padhao Yojana
About Sukanya Samriddhi Yojana or Sukanya Samriddhi Account(A Small Savings Scheme)
The Sukanya Samriddhi Yojana is as girl child prosperity scheme under Beti Bachao Beti padhao program of Prime Minister Narendra Modi. SSY account is to ensure a bright future for girl children in India. This yojana is to facilitate them proper education and care free marriage expenses. The scheme has well been accepted by the masses in wake of the financial security and independence it would provide to the girl child as well as their parents and guardians.
Eligibility Criteria of the scheme Sukanya Samriddhi Account
1. Only for Indian Citizens –The benefits of the scheme are available only for those girls who are born within the borders of India and plan on staying in the country for the entire tenure of the SSS. The NRIs will not be permitted to invest in this scheme.
2. For girls under the age of 10 –The guidelines of the SSS clearly highlight that only those parents will be allowed to open the account and invest money who have daughters who have still not attained the age of 10 years.
Bank Saving Details For Sukanya Samriddhi Account
Sbi Bank Saving Schemes
Sukanya Samriddhi Accounthas has been introduced vide Government of India Notification No. G.S.R.863(E) dated December 02, 2014 and circulated to Banks by Reserve Bank of India vide their letter No.RBI/2014-15/494/IDMD(DGBA).CDD/No.4052/15.02.006/2014-15 dated 11th March 2015. Facility to open accounts under the scheme is now available at all SBI branches.
Objective: To promote the welfare of Girl Child
Who can open the account:A natural/ legal guardian on behalf of a girl child
Maximum number of accounts:Upto two girl children or three in case of twin girls as second birth or the first birth itself results in three girl children Minimum and Maximum Amount of Deposit: Min.1000 of initial deposit with multiple of one hundred rupees thereafter with annual ceiling of Rs.150000 in a financial year
Tenure of the Deposit: 21 years from the date of opening of the account Maximum period upto which deposits can be made: 14 years from the date of opening of the account.
Interest on Deposit: As notified by the GOI, compounded annually with option for monthly interest pay-outs to be calculated on balance in completed thousands.( Current rate 8.60%w.e.f 1st April, 2016)
Tax Rebate:As applicable under section 80C of the IT Act, 1961. In the latest Finance Bill, the scheme has been extended Triple exempt benefits i.e. there will be no tax on the amount invested, amount earned as interest and amount withdrawn.
Premature Closure: Allowed in the event of death of the depositor or in cases of extreme compassionate grounds such as medical support in life threatening diseases to be authorized by an order by the Central Government
Irregular Payment/ Revival of account: By payment of penalty of Rs.50 per year alongwith the minimum specified amount per year
Mode of Deposit: Cash/Cheque/ Demand Draft/ Transfer/ online transfers through internet Banking .
SIP :Standing Instructions can be given either at the Branch or set through Internet Banking for automatic credit to Sukanya Samriddhi Account.
Withdrawal : 50% of the balance lying in the account as at the end of previous financial year for the purpose of higher education, marriage after attaining the age of 18 years.
Post Office Saving Schemes
A legal Guardian/Natural Guardian can open account in the name of Girl Child.A guardian can open only one account in the name of one girl child and maximum two accounts in the name of two different Girl children.Account can be opened up to age of 10 years only from the date of birth. For initial operations of Scheme, one year grace has been given. With the grace, Girl child who is born between 2.12.2003 & 1.12.2004 can open account up to 1.12.2015.Account can be closed after completion of 21 years.Normal Premature closure will be allowed after completion of 18 years provided that girl is married.
Key Pointers Till a girl attains an age of 10 years, this account can be opened under her name Only one account under this scheme is permissible for every girl child Walk into any post office or authorized banks to open the account To open an account under SSAY, Birth Certificate of the girl child would be required to submit
The opening amount for the account is Rs 1,000. Thereafter a multiple of Rs 100 can be deposited to the account with a minimum of Rs 1,000 per year The maximum limit for deposits in the account is Rs 1,50,000 per year You have to pay in this scheme for 14 years Suppose you have opened this account when the age of your girl child was X years then you have to pay in this scheme till your girl child age is X + 14 Year.
The maturity duration of the account is 21 years from the date of opening the account. SSY Account is transferable to anywhere in India from a Post office or bank to others.
The scheme comes from Ministry of Finance under its notification GSR 863(E). This notification was published on 02 December 2014. The scheme will operate with the name Sukanya Samriddhi Account Rules, 2014.
Documents required for the application
If you are interested in opening a Sukanya Samriddhi Account, you will have to provide the following documents during the application process:
1. Birth certificate of the girl – There is an age limit for opening the SSA. The account can only be opened in the name of girls who are less than 10 years. For this, it is mandatory for the parents to provide photocopy of birth certificate of the female child. The birth certificate will support the age claims.
2. Address proof of the guardians – To make sure that the child and the parents are residents of the country, producing the photocopy of the legal address proof is a must. PAN card, Voter ID card or Aadhar Card will be enough.
3. Identification proof of the parents – Only the legal guardians, birth or adopting parents have the right to open an account for securing the future of the girl children. Thus, to support the claim, the parents will have to produce ID proof.                                                                                                        PM Scheme Part -9 AMRUT Yojana, Skill India, Mission Indradhanush, please click here

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