Page 47 - Banking Finance January 2025

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back to villages. The 15th Finance Commission had farmers and ensuring their economic security. The
also noted that the slowdown in aggregate demand scheme benefits small and marginal farmers with
during the pandemic had affected the primary sec- cultivable land of up to 2 hectares. Eligible farmers
tor and severely hit the rural economy. Under the receive an annual income support of Rs. 6,000,
scheme, the amount of work provided is measured which is transferred directly to their bank accounts
through person days. During 2020-21, the total in three installments of Rs. 2,000 each. PM-KISAN
person days of work generated was 389 crore. That utilizes DBT to ensure timely and transparent trans-
declined in the next two years. In 2022-23, it was fer of funds.
296 crore. But in 2023-24, as of August 2024, de-
Deen Dayal Antyodaya Yojana - National Rural
mand for work increased to 312 crore person days. Livelihood Mission: The Deendayal Antyodaya
In 2023-24, the average days of employment per
Yojana-National Rural Livelihood Mission (DAY-
household also saw an uptick. The percentage of NRLM) aims to reduce poverty in rural areas by
people who obtained 100 days of employment rose giving poor households access to finances and em-
from 6% in 2022-23 to 8% in 2023-24.
ployment opportunities. The scheme attempts to
mobilise households through self-help groups
Table: Person days of employment through (SHGs), create community funds, and enhance ac-
MGNREGS cess to credit and financial services. In 2023-24, one
of the targets under the scheme was to provide
Year Amount in Crs
credit access to 41 lakh SHGs through banking link-
2018-19 268.00
age. The programme achieved 81% of its target,
2019-20 265.00 providing bank linkage for 33.5 lakh SHGs. In terms
2020-21 389.00 of providing financing, the programme had the
2021-22 363.00 target of disbursing Rs 1,43,110 crore and achieved
83% of its target with disbursement of Rs 1,19,270
2022-23 296.00
crore.
2023-24 312.00
Atmanirbhar Bharat Abhiyan: Atmanirbhar Bharat
#Sources: MGNREGS Dashboard, as accessed on July 15, Abhiyan (Self-Reliant India Mission) is a significant
2024. initiative launched by the Government of India in

Pradhan Mantri Jan Dhan Yojana (PMJDY): This 2020 to promote self-reliance and reduce depen-
financial inclusion scheme aims to provide basic dence on imports. It aims to make India a global
banking facilities to the unbanked population, par- manufacturing hub and enhance its economic self-
ticularly in rural areas. PMJDY is a financial inclu- sufficiency.
sion scheme launched by the Government of India Digital India Land Records Modernisation
in 2014. Its primary objective is to provide univer-
Programme: Digital India Land Records
sal access to banking facilities to all Indian citizens, Modernisation Programme (DILRMP). DILRMP was
especially those in rural areas and marginalized launched in 2016 to modernise the management
sections of society. Eligible account holders can of land records. The objective of the scheme is to
avail themselves of an overdraft facility of up to Rs. provide access to comprehensive information about
5,000/-. All account holders are automatically eli- land records, which would lead to, (i) optimum use
gible for accidental insurance coverage of Rs. 1 of land resources, (ii) reduction in the number of
lakh. Account holders can also opt for life insurance
land disputes, and (iii) efficient collection of land rev-
coverage of Rs. 30,000 at a nominal premium.
enue. DILRMP has been allocated Rs 141 crore in
Pradhan Mantri Kisan Samman Nidhi (PM-KISAN): 2024-25, which is 13% higher than the revised es-
PM-KISAN is a flagship government scheme in In- timates for the previous year but 28% lower than
dia aimed at providing financial support to small the budget estimate for that year. Apart from
and marginal farmers. It was launched in 2019 with three years between 2017-18 to 2019-20, fund
the objective of supplementing the income of these utilisation under the scheme has remained above

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