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Schemes under Ministry of Finance

Ministry of Finance

Schemes under Ministry of Finance: The Ministry of Finance, under the Government of India, plays a crucial role in steering the country’s economy. Think of it as the nerve center for managing taxes, overseeing financial institutions, crafting financial laws, regulating capital markets, handling provincial finances, and, of course, putting together the all-important Union Budget.

Within the Ministry, there are five key Departments, each with its own distinct focus:

  • The Department of Economic Affairs, which keeps a close eye on economic trends and policies.
  • The Department of Expenditure, responsible for managing government spending wisely.
  • The Department of Revenue, tasked with collecting taxes and ensuring compliance.
  • The Department of Investment and Public Asset Management, which deals with managing government assets and investments.
  • The Department of Financial Services, dedicated to providing essential financial services to citizens and businesses alike.

Together, these Departments work tirelessly to keep India’s economic engine running smoothly and efficiently, aiming for prosperity and stability for all.

SchemeObjectiveKey Points
Atal Pension YojanaProvide a fixed minimum income to subscribers at the age of 60, based on their contributions.– Open to all Indians aged 18 to 40. – Targets the unorganized sector. – Subscribers cannot exit before age 60. – Spouse receives the same pension amount. – Nominee receives accumulated pension in case of subscriber and spouse demise. – Government co-contribution for qualifying subscribers joining NPS between June 1, 2015, and December 31, 2015. – Monthly pension at 60 years ranges from Rs. 1,000 to Rs. 5,000.
Pradhan Mantri Jeevan Jyoti Bima YojanaOffer one-year life insurance coverage.– Eligible for residents aged 18 to 50. – Benefits valid until age 55 with annual renewal, ineligible after 50. – Provides Rs. 2 lakh compensation for death from any cause, with an annual premium of Rs. 330. – Administered through LIC and private Indian insurers.
Pradhan Mantri Jan-Dhan Yojana (PMJDY)Ensure universal access to banking facilities and financial services for all households.– Open basic bank account for each family. – Focuses on both rural and urban areas. – No minimum balance requirement. – Provides life cover of Rs. 30,000. – Offers overdraft facility of Rs. 10,000. – Doubled accidental insurance for Rupay cardholders to Rs. 2 lakh.
Gold Monetization SchemeMobilize idle gold reserves for beneficial purposes by offering interest on deposited gold.– Allows customers to deposit idle gold for a fixed time in exchange for interest. – Recent amendments allow charitable organizations, central and state governments, or their owned entities, to participate.
Project SakshamStrengthen IT network for the GST regime, facilitating the introduction of Goods and Services Tax (GST).– New IT network for GST by the Central Board of Excise and Customs. – Aims to fund all existing services under GST.
Pradhan Mantri Mudra YojanaImprove access to finance for non-banked micro/small businesses through cheap loans.– Available for Indian citizens with income-generating business plans. – Credit requirements below Rs. 10 lakh. – MUDRA’s approved capital is Rs. 5000 crore. – RBI allocated Rs. 20,000 crore from Commercial Banks’ Priority Sector shortfall for the Refinance Corpus Fund.
Pradhan Mantri Suraksha Bima YojanaProvide personal accident insurance coverage with one-year protection.– Open to residents aged 18 to 70 with a bank account. – Premium of Rs. 12 per year. – Compensation of Rs. 2 lakhs for accidental death/disability, and Rs. 1 lakh for partial disability.
Pradhan Mantri Vaya Vandana Yojana (PMVVY)Offer social security during old age with guaranteed pension at a fixed rate of return.– Indexed pension at 8% for ten years, with options for payment frequency. – Investment ceiling increased to Rs. 15 lakhs. – Subscription extended to March 31, 2020.
Aam Admi Bima YojanaProvide death and disability cover to citizens aged 18 to 59 through a group insurance scheme.– Administered by LIC. – Covers natural death, total/permanent disability due to accident, and partial/permanent disability due to accident. – Annual premium of Rs. 200, with 50% contributed from the Central Govt’s Social Security Fund.
Varishtha Pension Bima YojanaOffer a pension scheme for citizens aged 60 and above, providing a guaranteed rate of return.– Subscribers receive a pension at 9% pa on lump sum payment. – Government compensates any gap between guaranteed return and LIC-generated return. – Allows withdrawal after 15 years.
Stand Up India SchemeEncourage entrepreneurship among women, SCs, and STs by facilitating bank loans.– Facilitates loans between Rs. 10 lakh and Rs. 1 crore for SC/ST and female borrowers. – Supports setting up greenfield businesses in various sectors.
Sovereign Gold Bond SchemeReduce demand for physical gold by issuing gold bonds with interest.– Bonds issued in denominations of grams with a maximum investment limit. – Fixed interest rate with a tenor period. – Interests are taxable. – Issued by RBI on behalf of the Government of India with sovereign guarantee.
Swachh Bharat Kosh (SBK)Attract CSR funds and donations to meet the Clean India (Swachh Bharat) goal.– Governed by a Board chaired by the Secretary, Expenditure Department.
Pradhan Mantri Mudra YojanaProvide collateral-free loans to small businesses and individuals in the non-agricultural sector.– Loans available under three categories: Shishu, Kishor, Tarun. – Shishu loans up to Rs. 50,000. – Kishor loans from Rs. 50,000 to Rs. 5 lakh. – Tarun loans from Rs. 5 lakh to Rs. 10 lakh. – Implemented through Micro Units Development & Refinance Agency Ltd (MUDRA).

Read Also: Fair Lending Practice – Penal Charges in Loan Accounts

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