Ministry of Finance: Government Schemes | Indian Economy for UPSC CSE PDF Download

Objective 

Intended beneficiary 

Salient features 

 To provide retirement income to all the citizens

 To institute pension reforms and to inculcate the habit of saving for retirement amongst the citizens.

 All citizens of India between the age of 18 and 60

 Government employees for Tier – I

 All citizens i.e., private employees and unorganized sector workers.

 All citizens of India between the age of 18 and 60 years can join this plan.

 Administered by pfrda

 Defined contributions scheme.

 3 types:

o Tier 1 NPS account

o Tier 2 NPS account

o NPS - Swavalamban scheme

 All existing members of the government's 'Swavalamban yojana NPS lite' will automatically be migrated to the atal pension yojana. It will now replace the Swavalamban scheme

 Simple- opening an account with nps provides a permanent retirement account number (pran), which is a unique number and it remains with the subscriber throughout his lifetime.

 Portable- nps provides seamless portability across jobs and across locations, unlike all current pension plans, including that of the epfo.

 Flexible- nps offers a range of investment options and choice of pension fund manager (pfms)

 Investor can choose overall risk by diversifying into different asset classes, called as asset allocation, (e=equity, c=credit risk, securities other than government, g=government securities)

Objective 

Intended beneficiary 

Salient features 

 To make youth job creators and not job seekers

 To “fund the unfunded” by bringing such enterprises to the formal financial system and extending affordable credit to them

 Development and refinancing activities relating to micro units and mfis.

 Any Indian citizen who has a business plan for a non-farm sector

 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 up to Rs 10 lakhs for non-farm income generating activities.

 3 types of loans to be allotted by micro units development and refinance agency bank.

o Shishu : covering loans upto 50,000/-

o Kishor : covering loans above 50,000/- and upto 5 lakhs

o Tarun : covering loans above 5 lakhs and upto 10 lakhs

 There is no subsidy for the loan given under PMMY.

Objective 

Intended beneficiary 

Salient features 

 The subscribers would receive the fixed minimum pension at the age of 60 years, depending on their contributions

 Open to all Indians between the age of 18 and 40

 any bank account holder who is not a member of any statutory social security scheme can avail of the scheme

 All existing members of the government’s ‘Swavalamban Yojana NPS Lite’ will automatically be migrated to the Atal pension Yojana.

 The central government would also co-contribute 50% of the total contribution or Rs. 1000 per annum, whichever is lower, to each eligible subscriber, for a period of 5 years.

 The minimum age of joining APY is 18 years and maximum age is 40 years

 It will now replace the Swavalamban scheme, which did not gain much popularity across the country

 will not be able to exit the scheme before the age of 60

 2,405,268 people have already registered for the scheme as on April 16, 2016

Objective 

Intended beneficiary 

Salient features 

 Aimed at covering the population not covered under any accidental insurance cover at an highly affordable premium of just Rs.12 per year

 Available to people in the age group 18 to 70 years

 Having a savings bank account

 Who give their consent to join and enable auto-debit on or before 31st may for the coverage period 1st June to 31st may on an annual renewal basis

 Risk coverage available will be Rs. 2 lakhs for accidental death and permanent total disability

 Rs. 1 lakhs for permanent partial disability

 Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium

 Between the date of commencement of enrolment on 01st may till the date of launch of the scheme by the pm on 9th may, 4.42 crore subscribers were enrolled in the PMJJBY scheme.

Objective 

Intended beneficiary 

Salient features 

 A one year life insurance scheme

 Renewable from year to year

 Offering coverage for death due to any reason

 Available to people in the age group of 18 to 50 years

 Life cover up to age of 55

 To those having a savings bank account who gives their consent to join and enable auto-debit.

 The risk cover on the lives of the enrolled persons has commenced from 1st June 2015

 Life cover of Rs. 2 lakhs is available for a one year period stretching from 1st June to 31st may at a premium of Rs.330/- per annum per member.

Objective 

Intended beneficiary 

Salient features 

 Proceeds from this would be exclusively used for financing initiatives for improvement of agriculture and welfare of farmers. 

 Farmers and

 Population dependent on agriculture

 Krishi Kalyan Cess @ 0.5% on all taxable services w.e.f. 1st June 2016.