The Department of Financial Services (DFS) in the Finance Ministry has scheduled a meeting on Wednesday to review the progress of key financial inclusion initiatives, including PM SVANidhi, Jan Suraksha schemes, and the Mudra Yojana.

The meeting, chaired by Financial Services Secretary M Nagaraju , will see participation from heads of public sector banks (PSBs) and private sector banks. It aims to assess the implementation and impact of various financial inclusion programs launched to empower underserved communities and promote economic growth.

PM SVANidhi scheme

Among the schemes under review is the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi), a micro-credit facility introduced in June 2020 to help street vendors recover from losses due to the Covid-19 pandemic. Last year, the government approved its continuation until December 2024. The scheme provides affordable, collateral-free loans to street vendors, enabling them to rebuild their businesses.

The Finance Ministry will also discuss efforts to achieve saturation under other flagship programs like:

•   Pradhan Mantri Jan Dhan Yojana (PMJDY): A financial inclusion initiative aimed at providing universal access to banking services.

•   Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): Offers ₹2 lakh life insurance cover for individuals aged 18-50 years, with auto-debit premium options.

•   Pradhan Mantri Suraksha Bima Yojana (PMSBY): Provides accidental insurance of ₹2 lakh for death or total permanent disability, and ₹1 lakh for partial permanent disability for individuals aged 18-70 years.

Additionally, the meeting will evaluate the Stand-Up India Scheme, which was launched in 2016 and extended until 2025. This initiative focuses on economic empowerment and job creation by encouraging banks to provide loans to Scheduled Castes, Scheduled Tribes, and women entrepreneurs for setting up greenfield enterprises.

These reviews come as part of the government’s ongoing efforts to strengthen financial inclusion and expand credit access to marginalised sections of society.