The Government of India had identified certain grey areas in the economy that required a major transformation. The ruling government has introduced certain schemes which would help India grow faster. In the endeavor of the government to make India comparable to other major economies of the World, they have implemented multiple schemes that not only empower Indian citizens, but also ensure that India steps into the digital age.
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This scheme has been launched by the Indian railways, to provide travel insurance to passengers. This scheme has made travel safer and easier for passengers. The scheme was launched on 1st September 2016 for confirmed or RAC passengers, who book tickets through the official website of Indian Railways. This is an optional scheme and the passengers can avail this by paying Rs 0.92 per passenger along with the ticket charges.
SEE ALSO: Government Schemes
Prime Minister Narendra Modi has launched the Stand-Up India initiative on 5th April 2016. The main objective of this scheme is to promote entrepreneurship among women, especially the SC and ST communities. Stand-Up India Scheme facilitates bank loans ranging from Rs 10 Lakh to Rs 1 Crore to Scheduled Caste (SC) or Scheduled Tribes (ST) borrowers.
This enterprise may be in manufacturing, services or the trading sector. The loans are granted to at least one woman borrower per bank branch. The scheme aims to empower every Indian citizen and promotes woman entrepreneurship among the scheduled castes and scheduled tribes.
SEE ALSO: Objectives of Stand-up India scheme
DigiLocker is a secure cloud based platform for storing, sharing and verifying documents and certificates. DigiLocker targets the idea of paperless governance, eliminating the need for physical documents.
Individuals and organizations who register with Digi Locker can upload copies of important documents and certificates into their respective DigiLocker accounts. Individuals registering with DigiLocker get a cloud storage space by linking accounts with Aadhaar number.
DigiLocker helps users carry important documents in the form of soft copies while travelling or during admission procedures. Listed below are some of the key features of the DigiLocker platform:
Sukanya Samriddhi Scheme is a Government of India backed small saving scheme, exclusively for the girl child. As per the scheme, a parent or legal guardian can open an account in the name of the girl child until she attains 10 years of age.
The post office monthly income scheme or POMIS is a scheme where money invested earns a fixed interest each month. The scheme is offered by the Indian postal services and is backed by the government of India. Any resident Indian can invest in this scheme. It is a small saving scheme that allows the investor set aside a specific amount every month and guarantees returns at 7.7% a year in the form of fixed monthly income.
The key features of the POMIS scheme are mentioned below:
The Mudra loan is a Government Scheme that was launched on 8th April 2015, with the aim of providing adequate funds to micro units. The scheme was introduced to support micro, small and medium business units, MSMEs. The scheme has been designed keeping in mind the stages of growth and funding requirements of the beneficiary micro units and is categorized under three stages. They are:
The Mudra loan was designed to finance small and medium enterprises. The main objectives of this scheme are:
The BHIM Aadhaar pay app enables merchants receive payments from customers via Aadhaar authentication. It is a payment interface that allows merchants receive payments digitally. The payment made by the customer, reaches the merchant’s account directly in real time. It is a step towards cashless payments. You only need to link Aadhaar with bank account.
The BHIM Aadhaar pay is easier than card swiping or payments through cash. A customer can easily pay for the services availed by providing finger print scan. This reduces the hassles of going with card swiping and entering the PIN. This is a more secure method of payment, as the customer no longer requires cash.
This app is also beneficial for merchants to receive payments. Previously, they had to apply for point of sale (POS) machines to receive payment which involved expenditure as well as time and effort.
But, BHIM app saves money and effort as it is compatible with smart phones. The merchants can download the app and its services free of cost.
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