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Social Banking in India

Banks provide financial aid to economically weaker sections of the society so as to enable them to participate and benefit from the developmental initiatives of the government. This process is called Social Banking.

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Social Banking in India

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  1. Social Banking in India

  2. Social Banking Banks provide financial aid to economically weaker sections of the society so as to enable them to participate and benefit from the developmental initiatives of the government. This process is called Social Banking. Credit alone cannot change the poverty situation. Hence reforms like social banking are implemented by banks.

  3. Social Banking by Vijaya Bank Some of the social banking schemes supported by Vijaya Bank are: Pradhan Mantri Jan Dhan Yojana (PMJDY) Pradhan Mantri Jeevan Jyoti Bima Yojana Pradhan Mantri Suraksha Bima Yojana Atal Pension Yojana (APY) Sovereign Gold Bond Scheme Digital Village

  4. Pradhan Mantri Jan Dhan Yojana Pradhan Mantri Jeevan Jyoti Bima Yojana The main aim of this scheme is to make financial services available to the weaker sections of the society. Services like credit, saving & deposit account, insurance, pension etc. are extended. Main motive of this scheme is to increase the percentage of people opting for insurance. People who are in the age group 18 - 50, and having a bank account, will get insurance cover up to 2 lakhs in case of death due to any cause.

  5. Pradhan Mantri Suraksha Bima Yojana APY (Atal Pension Yojana) Insurance coverage in case of accidental death. Cover up to 2 lakhs for death/full disability and up to 1 lakhs for partial permanent disability. Person should have a bank account and the age criteria is 18-70 years. Aim of this scheme is to provide Government backed pension to the unorganised sector of the society. Minimum age criteria to join the scheme is 18 years and maximum age limit is 40 years. Returns in the form of pension will be given at the age of 60 years.

  6. Sovereign Gold Bond Scheme Digital Village Here, Government securities are denominated in grams of Gold. Sovereign Gold Bond (SGB) is issued in paper format and demat format by the RBI on the behalf of Government of India. Aim of this initiative is to empower rural areas by connecting them digitally. Vijaya Bank was the first Public Sector Bank to adopt this scheme. Chandagalu village in Karnataka's Mandya district is one such example.

  7. VIJAYA BANK • Vijaya Bank is a PAN India Institution, serving diverse sectors of the society. • The Bank offers a bouquet of innovative and attractive products and services to its customers. It has also incorporated a host of latest Digital Banking products, to provide the best services to its customers. Digital Banking services are: • VPAYQWIK • Mobile Banking • Net Banking • Vijaya UPI • Twitter banking and many more… For details, visit: https://www.vijayabank.com

  8. THANK-YOU

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