New Delhi: Ministry of Finance, in the past six years has launched various schemes which have special provisions for the empowerment of women. These schemes have financially empowered women to lead a better life and chase their dreams of being an entrepreneur.
As we are celebrating International Women’s Day on March 8, we take a look at various schemes initiated by the Ministry of Finance which have benefitted the women in India.
Stand-Up India Scheme - Stand Up India Scheme was launched on April 5, 2016, to promote entrepreneurship at the grass-root level for economic empowerment and job creation. This scheme seeks to leverage the institutional credit structure to reach out to the underserved sector of people such as Scheduled Caste, Scheduled Tribe and Women Entrepreneurs so as to enable them to participate in the economic growth of a nation.
The objective of this scheme is to facilitate bank loans between Rs.10 lakh and Rs.1 crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch of SCBs for setting up a Greenfield enterprise.
Pradhan Mantri MUDRA Yojana (PMMY) - PMMY was launched on April 8, 2015, for providing loans up to 10 lakh to the non-corporate, non-farm small/micro-enterprises. These loans are classified as MUDRA loans under PMMY. These loans are given by commercial banks, RRBs, Small Finance Banks, MFIs and NBFCs.
Under the aegis of PMMY, MUDRA has created three products namely ‘Shishu’, ‘Kishore’ and ‘Tarun’ to signify the stage of growth/development and funding needs of the beneficiary micro unit/entrepreneur and also provide a reference point for the next phase of graduation/growth.
The Vision of MUDRA scheme is “To be an integrated financial and support services provider par excellence benchmarked with global best practices and standards for the bottom of the pyramid universe for their comprehensive economic and social development”
Pradhan Mantri Jan-Dhan Yojana (PMJDY) - PMJDY was launched on 28th August 2014. The scheme as extended and revised with effect from 14.08.2018 envisages universal access to banking facilities with at least one basic banking account for every adult, financial literacy, access to credit, insurance and pension. As on 19.02.2020, 20.33 crore beneficiaries out of 38.13 crore beneficiaries are women which amounts to 53 %.
Atal Pension Yojana (APY) - APY was launched on May 9, 2015. It envisages a universal social security system for all Indians, especially the poor and the under-privilege by offering a guaranteed minimum monthly pension of Rs. 1000 -Rs. 5000 at the age of 60 years.
The scheme is open for subscription through Banks and Post Offices on an on-going basis. As on 22.02.2020, more than 93 lakh subscribers (43%) out of a total of around 2.15 crore subscribers under APY are women.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – PMJJBY was launched on May 9, 2015. The objective of this scheme is to create a social security system for the poor and underprivileged in the age group of 18-50 years by providing a renewable life insurance cover of Rs.2 lakhs with just a premium of Rs.330.
Under PMJJBY, 40.70% enrollments are of women members and 58.21% of claim beneficiaries are women. (As on 31.01.2020)
Pradhan Mantri Suraksha Bima Yojana (PMSBY) – PMSBY was launched on May 9, 2015. The objective of this scheme is to provide a very affordable insurance scheme for the poor and underprivileged people in the age group of 18 to 70 years with a bank account at a premium of Rs.12 per annum; risk coverage of Rs.2 lakhs for accidental death and full disability and Rs.1 lakh for partial disability. Under PMSBY, 41.50% enrollments are of women members and 61.29% of claim beneficiaries are women. (PIB)