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Prime Minister’s Jan Dhan Yojana

The Pradhan Mantri Jan Dhan Yojana or more popularly known as PMJDY scheme launched by Shri Narendra Modi is planning on revolutionizing the traditional banking system in India by providing the banking opportunity and insurance coverage to all including the poor. It is an initiative taken by the Prime Minister who started this ambitious project to help the poor become more financially confident through this venture and allowing every citizen the right to have their own bank account and insurance coverage which was previously impossible for most of the population under poverty.

The purpose of this scheme will definitely benefit the overall economy of the country and the scheme provides some lucrative benefits which should certainly be availed and considered. Here is listed some important benefits of the Pradhan Mantri Jan Dhan Yojna (PMJDY) scheme which would certainly inspire the country to a more prosperous future for all.

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.

Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet. PMJDY accounts are being opened with Zero balance. However, if the account-holder wishes to get cheque book, he/she will have to fulfill minimum balance criteria.

Special Benefits under PMJDY Scheme

a. Accidental insurance cover of Rs.1.00 lac(conditions apply)
b. No minimum balance required.
c. Life insurance cover of Rs.30,000/- (conditions apply)
d. Easy Transfer of money across India
e. Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.
f. After satisfactory operation of the account for 6 months, an overdraft facility will be permitted
g. Access to Pension, insurance products.
h. For accidental Insurance Cover, RuPay Debit Card must be used at least once in 45 days.
i. Overdraft facility is available in only one account per household.

For further details please long on to “http://pmjdy.gov.in”

Pradhan Mantri Suraksha Bima Yojana

A large proportion of India’s population is without insurance of any kind, health, accidental or life. Worryingly, as our young population ages, it is also going to be pension-less. Encouraged by the success of the Pradhan Mantri Jan Dhan Yojana (PMJDY), the Government of India proposed to work towards creating a universal social security system for all Indians that will ensure that no Indian citizen will have to worry about illness, accidents or penury in old age,”

Under this scheme, the person will be given Rs 2 lac cover for accidental death or full disability. If the person suffers partial disability he will be given Rs 1 lac. The scheme will be available to those bank account holders whose age group is 18 to 70 years. The premium of Rs. 12 in PMSBY will collected through ‘auto debit’ facility.

Highlights of the Pradhan Mantri Suraksha Bima Yojana (Pmsby – Scheme 1 – for Accidental Death Insurance) are

• Eligibility: Available to people in age group 18 to 70 years with bank account.
• Premium: Rs 12 per annum.
• Payment Mode: The premium will be directly auto-debited by the bank from the subscribers account. This is the only mode available.
• Risk Coverage: For accidental death and full disability – Rs 2 Lakh and for partial disability – Rs 1 Lakh.
• Eligibility: Any person having a bank account and Aadhaar number linked to the bank account can give a simple form to the bank every year before 1st of June in order to join the scheme. Name of nominee to be given in the form. - 14 -
• Terms of Risk Coverage: A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing in which case his account will be auto-debited every year by the bank.
• Who will implement this Scheme?: The scheme will be offered by all Public Sector General Insurance Companies and all other insurers who are willing to join the scheme and tie-up with banks for this purpose.
• The premium paid will be tax-free under section 80C and also the proceeds amount will get tax-exemption u/s 10(10D).But if the proceeds from insurance policy exceed Rs.1 lakh , TDS at the rate of 2% from the total proceeds if no Form 15G or Form 15H is submitted to the insurer.

Pradhan Mantri Jeevan Jyoti Bima Yojana

Highlights of The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY – SCHEME 2 – FOR LIFE INSURANCE COVER)

• Eligibility: Available to people in the age group of 18 to 50 and having a bank account. People who join the scheme before completing 50 years can, however, continue to have the risk of life cover up to the age of 55 years subject to payment of premium.
• Premium: Rs 330 per annum. It will be auto-debited in one installment.
• Payment Mode: The payment of premium will be directly auto-debited by the bank from the subscribers account.
• Risk Coverage: Rs. 2 Lakh in case of death for any reason.
• Terms of Risk Coverage: A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing, in which case his account will be auto-debited every year by the bank.
• Who will implement this Scheme?: The scheme will be offered by Life Insurance Corporation and all other life insurers who are willing to join the scheme and tie-up with banks for this purpose.

Atal Pension Yojana:

Under the Atal Pension Yojna Scheme (APY), the subscribers ,under the age of 40, would receive the fixed monthly pension of Rs. 1000 to Rs 5000 at the age of 60 years, depending on their contributions. A pension provides people with a monthly income when they are no longer earning. A Subscriber receives pension based on accumulated contribution out of his current income.

Eligibility for Atal Pension Yojana

Any Indian national within the age group of 18 to 40 years is eligible to contribute under Atal Pension Yojana. However, any member of a statutory social security scheme is not eligible to get the governments contribution for this pension scheme. But he will get all normal benefits of Atal Pension Yojana.

How to get Atal Pension Yojana?

In order to apply for Atal Pension Yojana, an Indian national needs to have an Aadhar Card and a working bank account. Moreover, the Aadhar number should be duly linked with the respective bank account. Date for submission of forms for Atal Pension Yojana is 01st June 2015. The pension account needs to be renewed every year before 01st of June.

Premium payable under Atal Pension Yojana

There is also a policy under the scheme, wherein if the pension account holder dies, the contributions would go to the family or the nominee of the account. The premiums to the pension account would be paid through your bank account and it would be auto-debited from the bank account that is linked to Aadhar card.

Atal Pension Yojana is custom made for workers employed with the unorganized sector. These workers live an insecure life since banking and pension products do not reach them from the employers and thus Atal Pension Yojana would at least ensure them of the basic requirement for life.

For more details please long on to “jansureksha.gov.org”

Micro Units Development and Refinance Agency Ltd

Micro Units Development and Refinance Agency Ltd (MUDRA) Bank is launched on 8 April, 2015 with a corpus of Rs 20,000 crore and a credit guarantee corpus of Rs 3,000 crore. The launch was the fulfillment of an announcement made earlier by the Finance Minister in his FY 15-16 Budget speech.

The principal objectives of the MUDRA Bank are:

1. Regulate the lender and the borrower of microfinance and bring stability to the microfinance system through regulation and inclusive participation.
2. Extend finance and credit support to Microfinance Institutions (MFI) and agencies that lend money to small businesses, retailers, self-help groups and individuals.
3. Register all MFIs and introduce a system of performance rating and accreditation for the first time. This will help last-mile borrowers of finance to evaluate and approach the MFI that meets their requirement best and whose past record is most satisfactory. This will also introduce an element of competitiveness among the MFIs. The ultimate beneficiary will be the borrower.
4. Provide structured guidelines for the borrowers to follow to avoid failure of business or take corrective steps in time. MUDRA will help in laying down guidelines or acceptable procedures to be followed by the lenders to recover money in cases of default.
5. Develop the standardised covenants that will form the backbone of the last-mile business in future.
6. Offer a Credit Guarantee scheme for providing guarantees to loans being offered to micro businesses.
7. Introduce appropriate technologies to assist in the process of efficient lending, borrowing and monitoring of distributed capital.
8. Build a suitable framework under the Pradhan Mantri MUDRA Yojana for developing an efficient last-mile credit delivery system to small and micro businesses.

Major Product Offerings

MUDRA Bank has rightly classified the borrowers into three segments: the starters, the mid-stage finance seekers and the next level growth seekers.

To address the three segments, MUDRA Bank has launched three loan instruments:

1. Shishu: covers loans upto Rs 50,000/-
2. Kishor: covers loans above Rs 50,000/- and upto Rs 5 lakh
3. Tarun: covers loans above Rs 5 lakh and upto Rs 10 lakh

Initially, sector-specific schemes will be confined to “Land Transport, Community, Social & Personal Services, Food Product and Textile Product sectors”. Over a period of time, new schemes will be launched to encompass more sectors.

Bank Mithra:

A Bank Mitra acts like an agent in facilitating bank and banking related services, especially in unbanked areas of the country. They help in areas where there is no ATMs and branches of banks. A Bank Mitra provides numerous services to the unbanked people of India. They first take a look at potential customers and help them in opening accounts by verifying identity and collecting relevant documents. They play very important role in facilitating opening bank accounts and work as an integral part under the Prime Minister’s Jan Dhan Yojana. Financial Counselors and Bank Mithraa work in co-ordination in spreading the banking knowledge among the public in unbanked centers.

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