• UGI USER
  • Jul 10, 2024
  • 11 Likes
  • 0 Comments

Finance Ministry Urges Private Sector Banks for Enhanced Financial Inclusion

Why in the News?

  • The Finance Ministry calls upon private sector banks to increase lending through schemes like PM SVANidhi and PM Vishwakarma, targeting job creation for artisans and street vendors.
  • Secretary Vivek Joshi leads a review meeting with bank executives to assess the progress of these inclusive initiatives.
Source: Samhita

About Financial Inclusion Schemes:

PM SVANidhi Scheme:

  • Aim: Supports street vendors by providing working capital loans up to ₹10,000.
  • Benefits: Enables vendors to restart businesses post-COVID, promoting self-employment.
  • Ministry : Ministry of Housing and Urban Affairs.
  • Features: Interest subsidy on timely repayment, digital payments encouragement.

PM Vishwakarma Scheme:

  • Objective: Enhances skill development among artisans.
  • Ministry : Ministry of Micro, Small and Medium Enterprises
  • Scope: Provides training, workshops, and financial support to improve skills.
  • Impact: Boosts job opportunities, promotes traditional crafts and trades

Jan Samarth Portal:

  • Purpose: Centralizes information on government credit-linked schemes.
  • Features: Single platform for easy access to scheme details.
  • Benefits: Enhances customer experience for banks and applicant

The initiatives aim to empower artisans and vendors by providing access to credit and supporting their entrepreneurial endeavours.