{"id":2765,"date":"2023-02-16T05:47:06","date_gmt":"2023-02-16T00:17:06","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=2765"},"modified":"2025-03-26T00:09:19","modified_gmt":"2025-03-25T18:39:19","slug":"initiatives-under-financial-inclusion","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/initiatives-under-financial-inclusion\/","title":{"rendered":"Initiatives under Financial Inclusion"},"content":{"rendered":"<h2>Key Initiatives under Financial Inclusion<strong>:<\/strong><\/h2>\n<h3>\u00a0Credit Guarantee for MSMEs:<\/h3>\n<ul>\n<li>The <strong>revamped<\/strong> Credit Guarantee <strong>scheme will take effect from 1st April 2023<\/strong> through <strong>infusion of ` 9,000 crore <\/strong>in the corpus.<\/li>\n<li>This will <strong>enable<\/strong> <strong>additional collateral-free guaranteed credit of ` 2 lakh crore.<\/strong><\/li>\n<li>The <strong>cost of the credit<\/strong> will be <strong>reduced by about 1 per cent.<\/strong><\/li>\n<li><strong>What is the Credit Guarantee Scheme for Micro and Small Enterprises (CGS)?<\/strong><\/li>\n<li>CGS was launched by the Government of India (GoI) to <strong>make available collateral-free credit to the micro and small enterprise sector<\/strong>.\u00a0<\/li>\n<li><strong>Both the existing and the new enterprises are eligible<\/strong> to be covered under the scheme.<\/li>\n<li>The Ministry of Micro, Small and Medium Enterprises, GoI and Small Industries Development Bank of India (SIDBI), established a Trust named <strong>Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) to implement<\/strong> the <strong>CGS<\/strong>.\u00a0<\/li>\n<\/ul>\n<p><strong>National Financial Information Registry:<\/strong><\/p>\n<ul>\n<li>It will be set up to <strong>serve as the central repository of financial and ancillary information<\/strong>.<\/li>\n<li>This will <strong>facilitate efficient flow of credit<\/strong>, promote financial inclusion, and <strong>foster financial stability.<\/strong><\/li>\n<li>A <strong>new legislative framework will govern this<\/strong> credit public infrastructure, and it will be <strong>designed in consultation with the RBI.<\/strong><\/li>\n<\/ul>\n<p><strong>Data Embassy:<\/strong><\/p>\n<ul>\n<li>Government will facilitate setting up of their <strong>Data Embassies in GIFT IFSC.<\/strong><\/li>\n<li><strong>What is a Data Embassy?<\/strong><\/li>\n<li>It refers to <strong>server resources owned and maintained by a nation-state outside its territorial boundaries<\/strong>, <strong>according to its own laws.<\/strong><\/li>\n<li><strong>Gujarat International Finance Tec-City (GIFT):<\/strong><\/li>\n<li>GIFT City is an <strong>integrated development on 886 acres of land<\/strong> with 62 mn sq. ft. of Built Up area which includes Office spaces, Residential Apartments, Schools, Hospital, Hotels, Clubs, Retail and various Recreational facilities etc.<\/li>\n<li>It is located on the <strong>bank of river Sabarmati<\/strong> <strong>connecting<\/strong> the Business capital (<strong>Ahmedabad<\/strong>) and Political capital (<strong>Gandhinagar<\/strong>) of Gujarat State.<\/li>\n<li>IFT City <strong>consist of a conducive Multi-Service SEZ (Special Economic Zone<\/strong>) and an exclusive Domestic Area.<\/li>\n<li><strong>India&#8217;s first International Financial Services Centre (IFSC)<\/strong> is setup at GIFT City.<\/li>\n<\/ul>\n<p><strong>Mahila Samman Savings Certificate Scheme:<\/strong><\/p>\n<ul>\n<li>This is a <strong>one-time scheme<\/strong> and will <strong>remain available for a two-year period i.e. up to March 2025.<\/strong><\/li>\n<li>The scheme offers deposit <strong>facility up to Rs 2 lakh in the name of women or girls<\/strong> for a <strong>tenor of 2 years.<\/strong><\/li>\n<li>It offers <strong>fixed interest rate of 7.5 per cent<\/strong>.<\/li>\n<li><strong>There are no tax benefits<\/strong>, but <strong>partial withdrawal is allowed in<\/strong> this scheme.<\/li>\n<li><strong>Benefit<\/strong>: It will <strong>encourage more women<\/strong> to adopt formal <strong>financial saving instruments.<\/strong><\/li>\n<\/ul>\n<p><strong>Senior Citizen Savings Scheme (SCSS):<\/strong><\/p>\n<ul>\n<li>SCSS was <strong>launched in 2004<\/strong> with the <strong>main aim of providing senior citizens<\/strong> in India a <strong>regular income after they attain the age of 60 years<\/strong> old.<\/li>\n<li><strong>Who is eligible?<\/strong><\/li>\n<li><strong>Indian citizens above the age of 60 years<\/strong>.<\/li>\n<li><strong>Retirees in the age bracket of 55-60<\/strong> years who have opted for Voluntary Retirement Scheme (VRS) or Superannuation.<\/li>\n<li><strong>Retired defence personnel above 50 years<\/strong> and below 60 years of age.<\/li>\n<li><strong>Maturity<\/strong>: It has a maturity period of <strong>five years<\/strong>. But, a depositor can extend one&#8217;s maturity period for another three years.<\/li>\n<li><strong>Premature withdrawal<\/strong>: <strong>After one year<\/strong> of opening the account, premature withdrawal is allowed.<\/li>\n<li><strong>Budget 2023<\/strong>: The <strong>maximum deposit limit for SCSS will be enhanced from ` 15 lakh to ` 30 lakh.<\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3>\u00a0Q1<strong>)<\/strong>What is a Data embassy?<\/h3>\n<p>Data embassy refers to server resources owned and maintained by a nation-state outside its territorial boundaries, according to its own laws.<\/p>\n<p><strong>Source:<\/strong>\u00a0<a href=\"https:\/\/www.ndtv.com\/business\/union-budget-2023-here-are-saptarshi-the-7-priorities-of-union-budget-3742226\" target=\"_blank\" rel=\"nofollow noopener\"><u>Union Budget 2023: Here Are &#8220;Saptarshi&#8221; &#8211; The 7 Priorities Of Union Budget<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Government listed 7 priorities \u2013 called \u2018Saptarishi\u2019 in Budget 2023.<\/p>\n","protected":false},"author":5,"featured_media":2767,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-2765","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/2765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=2765"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/2765\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/2767"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=2765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=2765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=2765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}