Finmin to meet heads of banks on Tuesday to review progress of financial inclusion scheme

New Delhi: The finance ministry has called a meeting of heads of banks on Tuesday to review the progress of various financial inclusion schemes, including flagship Pradhan Mantri Jan Dhan Yojana and Jan Suraksha.

The meeting is scheduled to be chaired by Financial Services Secretary Sanjay Lohiya.

According to sources, the meeting, to be chaired by the secretary, would also discuss and review the progress of various financial inclusion schemes, including PM Mudra Yojana aimed at providing funds to unfunded.


Launched in April 2015, the Pradhan Mantri Mudra Yojana aims to provide collateral-free loans to micro and small enterprises to support entrepreneurship and job creation.

Over the years, the scheme has become one of the government's flagship initiatives to encourage small businesses and self-employment, particularly among youth and women.

The finance ministry, from time to time, has launched various drives to achieve saturation under Pradhan Mantri Jan dhan Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).

The PMJJBY offers life insurance cover of Rs 2 lakh, in case of death due to any reason, to people in the age group of 18-50 years having a bank or post office account, who give their consent to join or enable auto-debit of premium.

On the other hand, the PMSBY offers insurance cover of Rs 2 lakh for accidental death or total permanent disability and Rs 1 lakh for partial permanent disability to people in the age group of 18-70 years with a bank or post office account, who give their consent to join or enable auto-debit of premium.

StandUp India Scheme, launched on April 5, 2016, with a focus on economic empowerment and job creation, aims to encourage all bank branches to extend loans to borrowers belonging to SC, ST and women borrowers in setting up their own greenfield enterprises.

The PM SVANidhi Scheme was launched in June 2020 by the government as a micro-credit facility with an aim to empower street vendors to recover losses incurred as a result of the Covid-19 pandemic.

Through PM SVANidhi, affordable collateral-free loans are given to street vendors.