PM may push financial inclusion drive in I-Day speech
New Delhi, Aug 12 (PTI) Prime Minister Narendra Modi is expected to announce benefits for about 32 crore Jan Dhan account holders in his Independence Day address this week to provide a boost to the government's financial inclusion drive, official sources said.
The Phase II of PMJDY will come to an end on August 15 and the scheme would be due for a revamp with further goals, the sources said, adding that the Prime Minister's Independence Day speech would be the best platform to make announcement.
PMJDY, the flagship financial inclusion drive, was launched in August 2014. The first phase ended on August 14, 2015 was focussed on opening basic bank accounts and RuPay debit card.
In order to address the longevity risks among the workers in the unorganised sector, and encourage them to voluntarily save for retirement, the government had started the Swavalamban Scheme in 2010-11.
However, coverage under Swavalamban Scheme is inadequate mainly due to lack of clarity of pension benefits.
The APY was focussed on all citizens in the unorganised sector, who would join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA) and who are not members of any statutory social security scheme.
Under the APY, the subscribers would receive the pension of Rs 1,000-5,000 per month at the age of 60 years, depending on their contributions.
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