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The finance ministry programmes are known as government schemes. The life insurance of 2 lakh rupees is for a period of one year beginning on June 1 and ending on May 31 of the following year, and it is renewable. This plan provides a risk coverage of up to Rs. 2 lakh in the event that the insured person passes away, regardless of the cause of death. At the moment, there are 29 programmes that are financed by the central government. These can be broadly classified as falling into one of two categories: Schemes at the centre of all schemes ( 6 Schemes) Core schemes (24 Schemes).
PMJDY has been extended beyond 14.8.2018 in order to further deepen financial inclusion interventions in the country, with the focus on account opening shifting from “every household” to “every unbanked adult.” The Department of Financial Services is responsible for overseeing the operations of banks, financial institutions, insurance companies, and the National Pension System. The Secretary (FS), who is aided by three Additional Secretaries (AS), seven Joint Secretaries (JS), one Economic Advisers (EA), and a Deputy Director General, leads the Department (DDG).
The Department of Financial services
The Department of Financial Services (DFS) is in charge of overseeing various significant government programmes, initiatives, and reforms in India’s banking, insurance, and pension sectors. The Department is working on initiatives and reforms related to financial inclusion, social security, and insurance as a risk transfer mechanism, as well as credit flow to critical sectors of the economy, farmers, and the ordinary man. The Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Mudra Yojana (PMMY), Atal Pension Yojana (APY), Pradhan Mantri Vaya Vandana Yojana (PMVVVY), Pradhan The existing Scheme was introduced in response to the 2019-20 Budget announcement with the goal of assisting otherwise solvent NBFCs/HFCs in managing temporary liquidity/cash flow mismatch difficulties without having to resort to distress asset sales to pay their commitments. The expansion of the existing Scheme to cover the purchase by PSBs of NBFCs/ HFCs/ MFIs’ (in the case of MFIs, Bonds/ CPs with MFR rating equivalent) Bonds or Commercial Papers (CPs) with a rating of AA and below (including unrated paper with original/ initial maturity of up to one year) issued by NBFCs/ HFCs/ MFIs’ (in the case of MFIs, Bonds/ CP Because NBFCs, HFCs, and MFIs play such a critical role in supporting consumption demand and capital formation in the small and medium business sector, it is critical that they continue to get funding without interruption. National Bank for Agriculture and Rural Development (NABARD), National Housing Bank (NHB), Export-Import Bank of India (EXIM Bank), and Industrial Finance Corporation of India are among the Public Sector Banks (PSBs), Public Sector Insurance Companies (PSICs), and Development Financial Institutions (DFIs) that the Department assists with policy (IFCI). It also oversees the performance of these PSBs, PSICs, and DFIs, as well as the creation of banking and insurance policies in India. This department is responsible for legislative and policy concerns relating to the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (IRDAI), and the Pension Fund Regulatory and Development Authority of India (PFRDAI) (PFRDA). DFS also deals with the legal structure around debt collection.
The Department also deals with issues concerning international banking ties.The Ministry of Finance is a crucial ministry in the Indian government, as it is in charge of the country’s economy. It is in charge of taxation, financial institutions, financial legislation, capital markets, provincial finances, and the Union Budget, among other things.
PMVVY
The government has introduced the Pradhan Mantri Vaya Vandana Yojana (PMVVY) to safeguard older people aged 60 and up against a prospective drop in interest income due to unpredictable market conditions, as well as to provide social security in old age. The scheme is run by the Life Insurance Corporation of India (LIC) and is open for enrollment until March 31, 2023.For the fiscal year 2020-21, PMVVY offers an assured rate of return of 7.40 percent per year for a ten-year insurance.
Pension payments under the Yojna might be made monthly, quarterly, half-yearly, or annually, depending on the subscriber’s preference.
Conclusion
In India, the government occasionally initiates new initiatives aimed at enhancing the social and economic well-being of its population. These programmes are referred to as government programmes. There are now 29 programmes that are funded by the federal government. It is the responsibility of the Department of Financial Services to oversee the activities of banks, financial institutions, insurance firms, and the National Pension System. The Department of Financial Services (DFS) is responsible for monitoring government initiatives, programmes, and reforms in the banking, insurance, and pension sectors of India.The Department is working on initiatives and reforms pertaining to financial inclusion, social security, and insurance as a risk transfer mechanism, as well as credit flow to vital economic sectors, farmers, and the average person. It monitors the performance of PSBs, PSICs, the Export-Import Bank of India, and the Industrial Finance Corporation of India. Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Mudra Yojana (PMMY), Atal Pension Yojana (APY), Pradhan Mantri Vaya Vandana Yojana (PMVVVY), Pradhan The government has implemented the Pradhan Mantri Vaya Vandana Yojana (PMVVY) to protect senior citizens aged 60 and beyond against a potential decline in interest income. The scheme is administered by the Life Insurance Corporation of India (LIC) and registration is available till March 31, 2023.
