Central Government Initiatives for the financial development of the country

Posted On By Hans Aanrud

Indian government every year fills the vacancies against Central government jobs. And Over the years the Central government, i.e. Indian government introduced many schemes that helped immensely to improve the financial situation of the Indian citizens and also the schemes contributed to the country’s economy. In the year 2017, the Central Government introduced 7 initiatives out of which 2 are which are detailed below.

Pradhan Mantri Jan Dhan Yojna (PMJDY)

It is a National Mission for Financial Inclusion, especially to give access to financial services such as savings & deposit accounts, credit, pension, remittance, insurance etc at affordable rates. The scheme was announced by the Prime Minister Shri. Narendra Modi on 15th August 2014.

Changes from PMJDY:

Over 29.43 crore bank accounts opened until last year

Rs. 65,532.77 crore balance has been maintained in these accounts

1.26 lakh Bank Mitras delivering branchless banking in Sub-services areas

Out of 25 crore Jan Dhan accounts, 5.8 crores have been running with zero-balance accounts

Benefits of PMJDY:

Persons who opened bank account before January 26th, 2017 were offered with 1 lakh accident insurance cover and Rs.30,000 life insurance coverage.

4% interest per annum on deposited money

No criteria for keeping a minimum balance

Money could be transferred to an account in India

A person can get money from government schemes directly to his bank account

Overdraft facility is availed up to Rs.5000 after operating the bank account at least for 6 months.

Sukanya Samriddhi Yojna (SSY)

Sukanya Samridhi scheme was launched by the Prime Minister of India under the Beti Bacho, Beti Padhao campaign held on 22nd January 2015. This is a special scheme to meet out the expenses of girl child education and marriage.

The features SSY

The scheme permits to open one account for one girl child. If a family has two girl children, then they can have 2 separate accounts

If the first or second delivery results in twins or triplets, a third account can be opened

During one financial year, Rs.1000 to Rs.1.5 lakh can be deposited in this account

Until the girl child completes her 14 years, the deposits can be made in her account

When the girl turns 21 years, then the account can be closed. If the account is not closed and money is not withdrawn ever after 21 years, the interest will be paid for the amount

Birth Certificate of the girl child should be submitted at the account opening time

Benefits of SSY

Once the girl child turns 10 years, her account can be opened and operated by her parent or guardian.

When the girl turns 18 years, over 50% of the balance amount can be withdrawn for her educational expenses

Money is permitted to transfer from one bank to another or from any post office to any bank and vice versa

Along with interest rate of 8.6%, the scheme SSY provide income tax benefits

Besides, improving the country in financial status, the Indian government also deploys young talented eligible candidates in Central Government jobs 2018.