Latest Government Schemes related to Banking: 30 Questions & Answers

The Reserve Bank – Integrated Ombudsman Scheme, 2026 (RB-IOS, 2026) is a centralized, non-adversarial grievance redressal framework replacing the 2021 version to resolve customer complaints against Scheduled Commercial Banks, RRBs, and Co-operative Banks

ECLGS 5.0 is a 100% government-backed credit guarantee scheme administered by NCGTC to provide additional working capital to MSMEs and non-MSMEs affected by the West Asia conflict

Municipal bonds are debt securities issued by local government bodies or municipalities to fund daily obligations and finance capital projects such as building schools, highways, or sewer systems

The Viksit Bharat – Guarantee for Rozgar and Ajeevika Mission (Gramin) Act, 2025, is a statutory employment guarantee program that legally entitles rural households to demand-driven, unskilled manual work to strengthen livelihood security

PM SVANidhi is a micro-credit facility launched by the Ministry of Housing and Urban Affairs to help street vendors formalize their businesses, build credit histories, and expand operations without requiring collateral

A 'Lakhpati Didi' is a woman member of a Self-Help Group (SHG) who earns a sustainable annual household income of at least ₹1,000,000 (One Lakh Rupees) across multiple business cycles

PM-KISAN is a central sector scheme that provides direct income support of ₹6,000 per year (transferred in three equal installments) to eligible landholding farmer families via the Direct Benefit Transfer (DBT) system

The 'High Level Committee on Banking for Viksit Bharat' is a strategic advisory body proposed in the Union Budget 2026-27 designed to review the entire financial and banking sector to safeguard financial stability while scaling operations for a developed India by 2047

PMAY-G is a flagship rural housing scheme administered by the Ministry of Rural Development, aiming to provide a 'pucca' house with basic amenities to all eligible houseless households and those living in dilapidated houses

PMFBY is a highly subsidized agricultural insurance scheme providing comprehensive coverage from pre-sowing to post-harvest against natural, non-preventable risks like droughts, floods, and cyclones

The Modified UDAN Scheme is a long-term capital expansion and viability gap funding (VGF) program aimed at developing 100 airports from existing unserved airstrips and expanding modern air travel to Tier-2/Tier-3 cities

The Mobile Phone Manufacturing Scheme (MPMS) is a direct financial incentive mechanism to stimulate domestic mobile phone production, build Indian R&D patents, and establish the nation as a premier global electronics export hub

The Credit Guarantee Scheme for Startups (CGSS) is administered by the National Credit Guarantee Trustee Company Limited (NCGTC) to provide a sovereign backstop to banks and Venture Debt Funds lending to DPIIT-recognized startups, mitigating default risks

The Credit Guarantee Scheme for Exporters (CGSE) is a specialized financing mechanism established to accelerate global trade participation by absorbing the default risk of export-oriented MSMEs, thereby speeding up loan approval processes

NPS Vatsalya is a specialized extension of the National Pension System designed to foster long-term wealth creation through compounding by allowing early entry into the equity and debt markets for minors

The Sukanya Samriddhi Account (SSA) is a government-backed small savings scheme targeted at the parents of girl children, offering high interest rates and tax benefits under Section 80C to fund education and marriage expenses

The Senior Citizen Savings Scheme (SCSS) is a highly secure, government-backed savings instrument offering quarterly interest payouts to individuals aged 60 and above, acting as a primary income replacement tool during retirement

The Pradhan Mantri Viksit Bharat Rozgar Yojana (PM-VBRY) is a dual-component employment-linked incentive scheme designed to accelerate youth entry into the formal workforce and expand social security coverage under EPFO

The Scheme for Container Manufacturing is a capital subsidy and industrial park incentive program designed to break India's reliance on foreign (primarily Chinese) maritime shipping containers for its EXIM (Export-Import) trade

The New Tax Regime (originally introduced as a default option in 2023) is a simplified tax structure featuring lower slab rates but requiring the taxpayer to forego the majority of traditional Section 80C and Section 24 exemptions

The Digital Agriculture Mission is a centralized tech initiative designed to integrate space technology, Artificial Intelligence, and India's Digital Public Infrastructure (AgriStack) into the agricultural sector to boost transparency and yield efficiency

The India Semiconductor Mission (ISM) is a specialized division driving India's strategy to become a global hub for electronics manufacturing, focusing on chip fabrication, display fabs, and compound semiconductor packaging

The Pradhan Mantri Jan-Dhan Yojana (PMJDY) is the National Mission for Financial Inclusion designed to ensure affordable access to financial services like basic savings bank accounts, remittance, credit, insurance, and pensions

VISHWAS, 2026 is a one-time amnesty and dispute resolution framework introduced by the Ministry of Labour & Employment to clear the massive backlog of litigation involving employers who failed to deposit EPF dues on time

The Prime Minister Research Chair (PMRC) Scheme 2026 is an aggressive talent-repatriation and global collaboration framework designed to connect the global Indian diaspora with India's domestic R&D ecosystem across 13 critical thematic areas

The Khelo India Scheme is a national flagship program designed to revive sports culture at the grassroots level by building world-class infrastructure and providing direct financial pathways for elite athletes to compete internationally

The PM Vishwakarma Scheme is a Central Sector Scheme designed to formally recognize and economically uplift traditional artisans and craftspeople by providing them with skill upgrades, modern equipment, and highly subsidized, collateral-free credit

The RoDTEP scheme is a WTO-compliant mechanism that refunds embedded central, state, and local duties/taxes to exporters that are not rebated under other existing frameworks (like GST

The PM E-Drive Scheme is the direct successor to the FAME series, designed to accelerate EV adoption by providing upfront demand incentives (via Aadhaar-authenticated e-vouchers) and funding nationwide charging infrastructure

The Auto PLI Scheme is a financial mechanism that offers direct monetary incentives to manufacturers based on the incremental sales of Advanced Automotive Technology (AAT) vehicles and components produced locally in India