Page 34 - Banking Finance January 2024

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or full disability, the payment to the nominee will be implementation through mobile monitoring system. This
Rs.2 lakh and in case of partial Permanent disability Rs.1 initiative will help the implementation agencies with live
lakh. data from the worksites, an online and real-time
updation of data base, real-time visibility of the data
8. Pradhan Mantri Jeevan Jyoti Bima Yojana is a for complete transparency, and location of assets with
government-backed Life insurance scheme. It was geo-tagging for easy verification.
formally launched on 9 May 2015. 3.07 Crore people
have enrolled for Jivan Jyoti Bima Yojana. PMJJBY is 2. e-Money: The Department of Posts has planned to
available to people between 18 and 50 years of age with provide electronic money order service to 70% of its
bank accounts. It has an annual premium of Rs. 330/-. total post offices. This service will enable India Post to
In case of death due to any cause, the payment to the remit money next day to the doorstep that earlier took
nominee will be Rs. 2 lakh about a week. Also, it will make the whole process
secure and fast. People can send maximum of Rs.5,000
9. Atal pension Yojana: - Atal Pension Yojana formerly through e-money order.
known as Swavalamban Yojana is a government backed
pension scheme basically targeting at the unorganized 3. Twitter Samvad: This will enable the citizens to know
sector to create a social security system all over India. about new initiatives of Government and actions. It is
Under the scheme for every contribution made to the a service that lets leaders and government agencies
pension fund, Central Government would also co- communicate with the people through tweets and SMS.
contribute 50% of the total contribution or Rs. 1,000
per annum, whichever is lower, to each eligible 4. Digital Life Certificates: One of the major requisites for
subscriber account, for a period of 5 years. The minimum the pensioners post their retirement from service, is to
age of joining APY is 18 years and maximum age is 40 provide life certificates to the authorized pension
years. The age of exit and start of pension would be 60 disbursing agencies like Banks, Post offices etc., following
years. Therefore, minimum period of contribution by the which their pension is credited to their account. In order
subscriber under APY would be 20 years or more. to get this life certificate the individual drawing the
Aadhaar would be the primary KYC document for pension is required to either personally present oneself
identification of beneficiaries, spouse and nominees to before the Pension Disbursing Agency or have the Life
avoid pension rights and entitlement related disputes Certificate issued by authority where they have served
in the long-term. This scheme will be linked to the bank earlier and have it delivered to the disbursing agency.
accounts opened under the Pradhan Mantri Jan Dhan This very requirement of personally being present in
Yojana scheme and the contributions will be deducted
automatically.

B. Transformation through cost effective digital
technology
Digital India is a Government's program with a vision to
transform India into a digitally empowered society. The
program is meant to enable digital delivery of services to
citizen of India. Its main objective is to transform India in a
several key vision area by improving technological
infrastructure, increasing technological literacy and
resources as well as creating an innovative digital eco
system.

1. Digital Boost to MGNREGA: Digital boost to the flagship
rural job scheme, MNREGA is a commendable initiative.
Gram panchayats are covered to ensured better

30 | 2024 | JANUARY | BANKING FINANCE