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Government Schemes related to Banking Sector: Banking Awareness Special Series

Team Adda247 and Bankers Adda have introduced a Special Banking Awareness series for SBI and IBPS Interviews 2021. In this series, we will be introducing the candidates with some banking awareness topics Daily that will improve their general awareness and will also ensure that the candidates do not lack in any banking term when it comes to the interview round. Today the topic of our Banking Awareness Series is Government Schemes related to Banking Sector.

Government Schemes related to Banking Sector


1. Pradhan Mantri Vyay Vandana Yojana: (PMVVY)

Objective: The Pradhan Mantri Vyay Vandana Yojana launched by the Government to protect elderly persons aged 60 years or above it against a future fall in their interest income due to uncertainty in market conditions and even to provide social security during old age. The scheme is implemented through the Life Insurance Corporation of India (LIC) and open for subscription up to 31st March 2023.

Other details: Mode of Payment for pension under the Yojana is on a monthly basis, quarterly basis, half-yearly basis, or annual basis. The minimum purchase price under this scheme is Rs.1, 62, 162 and for a minimum pension of Rs.1000 per month and the maximum purchase price is Rs.15 lakh per senior citizen for getting a pension of Rs.9, 250 per month. 

2. Pradhan Mantri Mudra Yojana:

Launched: 8th April 2015

Objective: The Pradhan Mantri Mudra Yojana has been launched by the Government of India to encourage first-generation entrepreneurs and even existing small businesses by giving loan assistance for expanding their business activities.

Other details: There are three categories in this scheme which are as follows:

a.) Shisu Loan: A person can take a loan up to Rs.50, 000 under the Shishu category.

b.) Kirshore Loan: A person can take a loan between Rs. 50, 000 to Rs.5 Lakh under this category.

c.) Tarun Loan: A person can take loans above Rs.5 Lakh to 10 Lakh maximum limit under this category.

These all categories of loans are given without asking for collateral. 

3. Stand-Up India Scheme:

Launched: 5th April 2016

 Objective: The scheme is giving bank loans between Rs.10 Lakh and Rs.1 crore to at least one Scheduled Caste/Scheduled Tribe borrower and at least one woman borrower per bank branch setting up Greenfield enterprises. Stand-Up India scheme caters to promote and to encourage entrepreneurship in youth or first-generation; amongst women, SC & ST category i.e. sections of the society who are facing significant hurdles because of lacking advice/mentorship as well as inadequate and delayed credit. 

This scheme is also a collateral-free coverage loan. Gov. of India has created the Credit Guarantee Fund for Stand up India (CGFSI).

3. RBI Bonds: 

The government of India has launched Floating Rate Savings Bonds, 2020 (Taxable) scheme commencing from 1st July 2020. 

Eligibility: The bonds are open for investment by Individuals, HUF (Hindu Undivided Family). NRIs or PIOs are not eligible for making investments in these Bonds. 

Others: The bonds will be issued in Demat form only and will be issued for a minimum amount of Rs.1000 and in multiples thereof. 

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