The poor should be empowered to fight against poverty. And, it is towards this end that the Centre is working, said Prime Minister Narendra Modi here on Saturday while launching the three mega social security schemes under Jan Suraksha.
The three schemes launched were the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY); Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY).
“The poor needs to be empowered to fight poverty. If Jan Dhan is aimed at financial inclusion by bringing several thousands under the formal banking system, Jan Suraksha will provide them with social security,” he said during the launch. Commenting on the success of the Jan Dhan scheme, Modi said 15 crore new bank accounts, with a deposit of ₹15,800 crore, were opened under it.
Similarly, the Jan Suraksha scheme has, since May 1, seen an enrolment of 5 crore already.
Further elaborating on the need to empower the poor, Modi said the Centre will set up Mudra Bank to help finance the small and marginal traders. There are nearly 5.5 crore such small and marginal traders who resort to borrowing at high rates from money lenders or informal sources.
According to him, the Mudra Bank will be lending small amounts to these traders who are normally unable to secure finances from banks and similar formal-lending channels. “We have begun work on the Mudra Bank. It is not just the corporates, but the small and marginal traders who ensure proper working of the economy,” he said.
Universal security According to Sumit Mazumder, CII President, the steps taken by the Centre in establishing linkages of the three social security schemes with the bank accounts will go a long way in expanding the penetration of insurance and pension in the country.
It will also serve the cause of extending universal social security cover in the most economical and efficient manner.
“The schemes have been devised and designed in such a way that people will receive affordable universal access to social security protection in the easiest possible manner ,” he added.