Financial Inclusion Schemes in India

The government has launched many financial inclusion schemes in India. These schemes have helped the population enhance their financial conditions and have also contributed to the economy.

To know more about financial inclusion in India, read ahead. 

What is Financial Inclusion?

If you are searching for ‘financial inclusion meaning’, you’ve come to the right place. Financial inclusion is all about offering financial solutions to the people in our society who might be excluded from mainstream banking products.

It aims to bring basic services like savings, credit, insurance, etc to the economically underprivileged groups of our society. These services are aimed towards women, rural population, marginalized farmers, or even urban slum dwellers. 

Top Financial Inclusion Schemes in India

Post independence, the government of India has launched many financial inclusion schemes. Here are a few of them - 

The following section will look briefly at these financial inclusion schemes in India. 

1. Stand Up India Scheme

The Stand Up India scheme was launched on 5 April 2016 to provide entrepreneurs with funds to start their new businesses. This scheme is run under the Small Industries Development Bank of India (SIDBI).


Some features of this scheme are as follows - 


The benefits of this financial inclusion scheme are mentioned below - 

2. Pradhan Mantri Suraksha Bima Yojana (PMSBY)

This scheme was launched in the year 2015 to provide an insurance policy as well as a financial aid for everyone.


Here are some of the top features of this scheme - 


The benefits under the PMSBY are as follows -

3. Sukanya Samriddhi Yojana (SSY)

On 22 January 2015, Prime Minister Narendra Modi introduced the Sukanya Samriddhi Yojana. This scheme was launched under the ‘Beti Bachao, Beti Padhao’ campaign. 


The features of the Sukanya Samridhhi Yojana are listed here - 


There are many advantages for girls under this scheme. Some important benefits are -

4. Pradhan Mantri Jan Dhan Yojana (PMJDY)

On 15 August 2014, the Indian Government introduced the Pradhan Mantri Jan Dhan Yojana. This scheme offers easy access to financial solutions like need based credit, remittance, pension, insurance, and basic savings bank accounts to all households in the country.


The major features of the Pradhan Mantri Jan Dhan Yojana are -


Opening a bank account under the PMJDY comes with multiple benefits. Some of them are -

5. Pradhan Mantri Mudra Yojana (PMMY)

This scheme was launched on 8 April 2015 by the government of India to provide loans to non-farm and non-corporate entities. Under this scheme unsecured loans under Rs.10 Lakh are provided to micro and small enterprises. 

The funds of the Mudra loans are classified into 3 broad categories -


The top features of the PMMY are -


The major benefits of taking a loan under this scheme are -

6. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

This financial scheme was launched on 9 May, 2015. It’s a renewable insurance scheme that provides life insurance coverage of Rs.2 Lakh.


Take a look at these features of the PMJJBY financial inclusion scheme in India - 


This scheme comes with many benefits which are listed below - 

7. Atal Pension Yojana (APY)

This voluntary financial scheme was launched in 2015 for helping people who work in the unorganized sector to get a regular income after they retire. The Pension Fund Regulatory & Development Authority (PFRDA) handles all operations of this scheme.


Here are some features of the APY - 


The benefits of this scheme are listed below - 


Few most common financial inclusion schemes were discussed here. The financial schemes in India are launched by the government in order to strengthen the accessibility of economic resources and increase the savings of all sections of the society. 

These schemes bring banking, insurance policies, as well as credit options to the group of people who often stay unbanked. People can reap the benefits of these schemes with low investment and documentation. The requirements are minimal which helps the majority of the population.

Financial Inclusion Schemes in India - FAQs

The main difference between these two schemes is that Pradhan Mantri Suraksha Bima Yojana covers only deaths caused due to accidents. But the Pradhan Mantri Jeevan Jyoti Bima Yojana covers deaths by any cause whatsoever.

Financial inclusion schemes in India are introduced to provide banking facilities to the needy sections of the Indian Economy. These schemes have allowed banks to offer credits for project funding.

Yes, this special refinance scheme can help every woman entrepreneur. It is also known as the Mahila Uddyami Scheme. This scheme provides an interest rebate of 0.25% when women borrow a MUDRA loan from a microfinance institution or an NBFC.

The death advantage eligibility is suitable for the nominee selected by the account holder. The chosen nominee would get a death advantage of INR 30,000 if something unpredictable occurs to the life assured.

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