Retail BANKING IMPORTANT UPDATES:- As the Modi government came into power in 2014, and since then, it has launched several schemes and initiatives of which some are new & some old ones have been extended (some of their names have been changed). Some of the mentioned schemes are still being considered or are in the planning stage, therefore, not been launched yet.

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Following are the schemes or programs that have been launched by the Modi Government till October 2021:-

No. Scheme Name Launch Date Object Particulars
1. Agriculture Infrastructure Fund Scheme 10-08-2020 To provide 

Rs. 1,00,000 crore financial help for:

  • agri-entrepreneurs,
  • agri-tech players, 
  • startups, and
  • farmer groups

 to help in post-harvest management & nurturing the farm assets

A loan, amounting up to Rs. 2 Crore, will be provided under the Agriculture Infrastructure Fund, in which, the central government will bear about 3% of interest subsidy p.a. on the loans that gets provided.
2. e-Shram Portal 26-08-2021 To register the workers of unorganised sector. E-SHRAM Portal Scheme is for the welfare of workers & laborers of unorganised sector. The central rolled out a national database for unorganised workers for their overall welfare. Ministry of Labour & Employment will issue Unique Identification Number (UAN) Card to the applicants of e-Shram Portal. More than 12 crore people have till now gotten themselves registered on this portal.
3. PM e-Vidya Yojana 17-05-2020 To unify all efforts related to online or digital or on-air education so as to enable multi-mode access of education to schoolers This comprehensive initiative, will benefit nearly 25 crore children who go to schools across the country.
4. Pradhan Mantri Garib Kalyan Package (PMGKP) Insurance Scheme 01-06-2021 To ensure insurance of the Health Workers who are fighting COVID-19 The scheme was actually launched on 30-03- 2020 for 90 days to provide comprehensive personal accident cover of Rs.50,00,000 to all healthcare providers, including community health workers as well as private health workers, which was then extended for the workers who are Fighting against COVID-19’ for 1 year with effect from 24-04- 2021. 
5. Kaushal Panjee Yojana 12-09-2017 To teach the skill for rural youth who are looking to get skilled or start a business. Indian rural youth can register for this Yojana free of cost & can get connected to Training partners & banks working in collaboration with the Ministry of Rural Development (MRD). While DDU-GKY is also free of cost placement that is linked with skill training scheme for rural poor youth. The registered candidates will get skill training & employment under DDUGKY (i.e Deen Dayal Upadhyay Grameen Kaushal Yojana) and Rural Self Employment Training Institute (i.e RSETI).
6. PLI Scheme To provide incentive (linked with production) to large scale electronics manufacturing units  This scheme offers a production linked incentive to increase the domestic manufacturing. The scheme is supposed to attract large investments in the mobile phone manufacturing & specified electronic components including Assembly, Testing, Marking & Packaging units.
7. Gram Ujala Scheme 24-03-2021 To provide high quality energy efficient LED for rural population CESL will provide LED  7-Watt, and 12-Watt energy-efficient LED bulbs at just Rs. 10.00
8. PM Mentoring Yuva Scheme 09-06-2021 To empower the youth and create a learning ecosystem to the young generation to prepare them as future leaders. PM Mentoring Yuva Scheme will create a pool of authors (< 30 years) who will get trained to express themselves & then will project India on international platforms which will also help in projecting Indian culture & literature globally. 

The scheme aims to bring reading and authorship at par with other jobs in addition to bringing a positive psychological push to the young minds. (given impact & effect of the recent pandemic on the mental health of children).

9. Rail Kaushal Vikas Yojana 20-08-2021 To help the Indian Railways to develop skill & train the youth to bring qualitative improvement.

A total of 50,000 youth will be trained over a three years period in four trades viz. Electrician, Machinist, Welder and Fitter as per the Railway Ministry.

The Yojana aims to achieve the object by offering entry level training in railway relevant skills. This training will be conducted in remote areas.

As many as 75 training institutes of Indian Railways been shortlisted to impart this training. 

Based on the regional demands & assessment of needs, training programs in other trades will get added by Indian Railways’ zones & production units.

10. Pradhan Mantri Dakshta Aur Kushalta Sampann Hitgrahi (PM-DAKSH) Yojana 08-08-2021 To improve competency levels of members of SC communities & the poorer section of the OBC communities, and sanitation workers Ministry of Social Justice and Empowerment is implementing the PM Daksh Yojana from the 2020-21. It is a National Action Plan to provide skills to the marginalized persons that covers SCs, OBCs, DNTs, EBCs & Sanitation workers including waste pickers.
11. Academic Bank of Credit Scheme

(ABC Scheme)

29-07-2021 To enable academic mobility of students to give them freedom to study across country in the Higher Education Institutions with an appropriate credit transfer mechanism from 1 programme to another. It is an academic service mechanism to store and transfer academic credits of a student. It is in line with the new National Education Policy. It will also help in the seamless integration of skill & experience into a Credit Based system.
12. PM Umeed Scheme

Or Pradhan Mantri Udyam Mitra for Excellence in Entrepreneurship Development

01-04-2021 To give skill training to 3,00,000 youth to help them become entrepreneurs by 2025-26 (next 5 years) PM Umeed Scheme is to provide loans to youth and to connect them in appropriate markets.
13. Startup India Seed Fund Scheme (SISFS) 21-01-2021 To financially assist the startups in proving their concept, their development of prototype, product trials, market entry & idea commercialization Department for Promotion of Industry and Internal Trade has created SISFS with an outlay of Rs.945 Crores to provide financial assistance to startups. It is supposed to support an estimated 3,600 entrepreneurs through 300 incubators in the coming 4 years.
14. Kisan Credit Card Scheme 1998 To provide the farmers a concessional credit facility on loan. Its main aim is to provide adequate & timely credit support from the banking system under one umbrella while offering a flexible & simplified procedure to the farmers for their farming needs (e.g. to meet the short term credit requirements for cultivation of crops; Post-harvest expenses; Produce marketing loan; Consumption requirements of farmer household etc.) as well as working capital for maintenance of farm assets & to finance the allied activities to agriculture.
15. PM WANI Scheme 09-12-2020 To multiply the no. of Broadbands through Public Wi-Fi networks under the framework of the PM’s Wi-Fi Access Network Interface (PM-WANI) This scheme is planned to unleash a massive Wi-Fi network in India. Under this scheme, public data centres will open across the country. There will be no requirement for licence, fee or registration.


We will soon be publishing the part-2 of this article that will continue from where it ends. So, keep it bookmarked as we will provide the link of part-2 here. Below are some of our other articles which we think you might also be interested in:

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