Digital payment push: FinMin to organise Mudra camps from Varanasi

In a bid to accelerate self-employment opportunities, the finance ministry has decided to organise Mudra Promotion Camps across the country beginning September 27 from the Prime Minister's constituency Varanasi.

As part of the special drive, 50 camps, including one each in state capitals, will be organised between September 27 and October 17, official sources said.

Besides, the camps will facilitate various modes of digital payments enabling users to transact from anywhere and create awareness on various financial inclusion instruments, the sources said.

The campaign will help promote not only Mudra loans but spread awareness about digital payment method, financial inclusion and social security schemes, the sources added.

It is to be noted that banks have sanctioned Rs 74,601 crore to 1.59 crore beneficiaries across the country since April this year.

Since the launch of Mudra Yojana by Prime Minister Narendra Modi in April 2015, banks have disbursed Rs 3.66 lakh crore to 8.77 crore beneficiaries.

These camps will see participation from all the banks, SIDBI and Common Service Centres.

Insurance companies will also set up stalls at the camp to motivate citizens to enrol in social security insurance schemes -- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY).

The big draw of these camps are going to be Aadhaar seeding and authentication, assisting visitors to download and use the BHIM app on individual mobiles and distribution and activation of RuPay cards, sources said.

The Unique Identification Authority of India (UIDAI) will put up a stall at the Mudra Promotion Campaign for awareness and facilitation of Aadhaar enrolment and updation of Aadhaar details for the visitors. NPCI (National Payments Corporation of India) will put up a stall for awareness and facilitation of digital transactions for the visitors.

In addition, each branch of PSU banks will organise a small Mudra Awareness Camp in October.

Under the Mudra Yojana, a loan of up to Rs 50,000 is given under 'Shishu' plan, between Rs 50,000 to 5 lakh under 'Kishore', and between 5 lakh to 10 lakh under 'Tarun'.

Shishu, Kishor and Tarun signify the stage of growth and funding needs of the beneficiary micro unit or entrepreneur.