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DAILY NEWS ANALYSIS

  • 03 November, 2022

  • 5 Min Read

First Floating Financial Literacy Camp in India

First Floating Financial Literacy Camp in India

  • In order to promote financial literacy "By the women, for the women," India Post Payments Bank (IPPB) recently held India's First Floating Financial Literacy Camp in Srinagar, J&K.

What is The Niveshak Didi Initiative?

It is founded on the principle of "women for women," as women in rural areas find it more comfortable to ask females for advice.

Executing Organization:

  • Under the direction of the Ministry of Corporate Affairs, the IPPB in conjunction with the Investor Education and Protection Fund Authority (IEPFA) launched it.

Financial Literacy Camp on the Water:

  • The discussion addressed a wide range of subjects, including banking and financial products, the value of utilizing the mainstream financial services provided by regulated businesses, protection against various forms of investment hazards, and methods of preventing fraud.

What additional financial literacy initiatives are there in India?

Pradhan Mantri Jan-Dhan Yojana:

  • The National Mission for Financial Inclusion is the Pradhan Mantri Jan Dhan Yojana (PMJDY).
  • It guarantees cheap access to financial services such banking, savings, and deposit accounts, remittance, credit, insurance, and pension.
  • The cornerstone of people-centered economic efforts has been PMJDY.
  • All of these programmes, including Direct Benefit Transer (DBT), Covid-19 financial aid, PM-KISAN, increased wages under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGA), and life and health insurance coverage, begin with the provision of bank accounts for every adult, which PMJDY is almost done with.

Pradhan Mantri Jeevan Jyoti Bima Yojana:

  • This programme offers life insurance and accident insurance to migratory workers and labourers, respectively.

Pradhan Mantri Kisan Maan Dhan Yojana (PMKMDY):

  • It was established as the Maan Dhan Yojana to offer social security to all landowner Small and Marginal Farmers (farmers whose land holdings are less than two hectares of land in the country).
  • It is a voluntary and contribution-based pension scheme.
  • The Life Insurance Corporation of India's Pension Fund would be used to pay the farmers' pensions.
  • Farmers must make a monthly contribution to the Pension Fund of between Rs. 55 and Rs. 200 until they reach the retirement age of 60.

Pradhan Mantri Mudra Yojana (PMMY)

  • The PMMY is a programme that was started in 2015 to offer loans up to 10 lakh to non-corporate, non-farm small and micro businesses.
  • According to PMMY, these loans are categorised as MUDRA loans.
  • Commercial banks, RRBs, small finance banks, cooperative banks, MFIs, and NBFCs are the lenders of these loans.

About India Post Payments Bank (IPPB):

It was founded under the Department of Posts, Ministry of Communication, and the Government of India owns all of the stock.

Objective:

  • The bank was founded with the goal of creating India's most approachable, inexpensive, and reliable bank for the average person.
  • The primary goal of IPPB is to break down barriers for those who are underbanked and unbanked, and to reach the final mile by utilising a network of 160,000 post offices (145,000 of which are in rural areas) and 400,000 postal workers.
  • The foundation of IPPB's operations and their scope is India. Paperless, Cashless, and Presence enabled by Stack -less banking using a biometrically-enabled smartphone with CBS integration at the clients' doorstep

Source: PIB


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