The Ministry of Finance under the Government of India is a very important ministry with the responsibility of the economy of India. In particular, it is responsible for taxation, financial institutions, financial legislation, capital markets, provincial finances, and also the Union Budget.
The Ministry comprises of the five Departments namely:—
- Department of Economic Affairs
- Department of Expenditure
- Department of Revenue
- Department of Investment and Public Asset Management
- Department of Financial Services
Government Schemes: Ministry of Finance
|Few Points to remember
ATAL PENSION YOJANA
Subscribers will earn a fixed minimum income at the age of 60 years, depending on their contribution.
PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA
The scheme provides a one-year life insurance policy, and the scheme is available for each year.
PRADHAN MANTRI JAN-DHAN YOJANA (PMJDY)
Ensure a comprehensive financial inclusion of all households in the country by ensuring universal access to banking facilities with minimum one basic bank account for each family, financial literacy, access to credit, insurance, remittances, and pension facilities.
GOLD MONETIZATION SCHEME
Mobilizing gold owned by households and institutions of the country and promoting its use for beneficial purposes
To strengthen the information technology network for the new GST regime.
PRADHAN MANTRI MUDRA YOJANA
Improve access to finance for non-banked, but also the cost of financing from the Last Mile Financiers to micro / small businesses, most of which are in the informal sector.
PRADHAN MANTRI SURAKSHA BIMA YOJANA
There is one year protected by the Personal Accident Insurance Program, available from year to year, providing insurance against death or injury as a result of an accident.
PRADHAN MANTRI VAYA VANDANA YOJANA (PMVVY)
Provide social security during old age and defend elderly people from potential decreases in their interest income due to volatile market conditions.
Aam Admi Bima Yojana
AABY is a Social Security Scheme which provides Death & Disability cover to citizens between the age of 18 yrs to 59 yrs.
Varishtha Pension Bima Yojana
A pension scheme for the benefits of citizens of 60 years and above.
STAND UP INDIA SCHEME
It aims to encourage entrepreneurship among women and castes and tribes.
SOVEREIGN GOLD BOND SCHEME
Reducing demand for physical gold by moving part of the approximate 300 tons of physical bars and coins purchased each year for investment into gold bonds.
SWACHH BHARAT KOSH (SBK)
Attracting Corporate Social Responsibility (CSR) funds from the Private Sector and donations from individuals and philanthropists to meet the 2019 Clean India (Swachh Bharat) goal.
Pradhan Mantri Garib Kalyan Ann Yojana
The scheme aimed at providing each person who is covered under the National Food Security Act 2013 with an additional 5 kg of grains (wheat or rice) for free, in addition to the 5 kg of subsidised food grain already provided through the Public Distribution System (PDS).
The Kisan Vikas Patra
The Kisan Vikas Patra (KVP) is relaunched in the year 2014. According to the 2014 amendment of Kisan Vikas Patra, the scheme provides a tenure period of 118 months with a minimum investment of Rs. 1000.
Pradhan Mantri MUDRA Yojana
To provide access to cheap credit for poor and small businesspersons with the aim to provide self-employment.