Swabhiman scheme for 5 cr families soon: Pranab

Swabhiman scheme for 5 cr families soon: Pranab

New Delhi: The government on Tuesday said its financial inclusion programme ‘Swabhiman´, in which five crore households would be provided access to banking services in unbanked areas, will be rolled out soon.

At Economic Editors’ Conference in New Delhi, finance minister Pranab Mukherjee said, “Swabhiman - a nationwide programme on financial inclusion, estimated to cover approximately five crore households, is now ready for roll out."

He said the government has also launched ‘Swavalamban´, a pension scheme for workers in the unorganised sector, who do not have access to the social security net.

Under the scheme subscribers would get Rs1,000 from the government each year for a subscription amount of Rs12,000 per year. The scheme will remain valid for this financial year and for the next three consecutive fiscals.

“Government has targeted ten lakh workers from un- organized sectors each during the initial four years of the implementation of Swavalamban Scheme totalling to 40 lakh subscribers by March 2014," Mukherjee added.