GeM procurement surpasses Rs 2 lakh crore mark in 8 months
The GeM's expansion into the services sector has played a pivotal role in driving its accelerated adoption.
The key government schemes Pradhan Mantri Jan Dhan Yojana (PMJDY) and Pradhan Mantri Mudra Yojana (PMMY) showed remarkable numbers this fiscal.
As per the data shared by the government, under PMJDY, 6,01,328 inhabited villages were mapped out of which 99.63% are covered by a banking outlet through 1.71 lakh Branches, 7.70 lakh BCs, and 1.44 lakh India Post Payments Banks (IPPB).
The scheme allows the beneficiaries with one Basic Savings Bank Deposit with OD limit of Rs 10,000. Also, they get a Free Rupay debit card with inbuilt accident insurance cover of Rs 2 lakh.
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As per the Ministry of Finance, as of 12/07/2023, 49.49 crore accounts were opened under the scheme holding deposits worth Rs 2,00,958 crore.
Interestingly, it comprises 27.49 crore women beneficiaries.
Launched in 2014, the scheme aims to provide universal banking services through the opening of zero balance bank accounts for every unbanked household, based on the guiding principles of banking the unbanked, securing the unsecured, and funding the unfunded (access to credit).
On the other hand, the ministry informed that under another key government scheme, Pradhan Mantri Mudra Yojana (PMMY), 6,23,10,598 loans were sanctioned.
In a state-wise analysis, Bihar topped the list with 84,89,231 loans after Uttar Pradesh with 68,08,721 loans.
In Southern states, Tamil Nadu led the race with 64,06,513 loans this fiscal.
Under PMMY, collateral-free institutional credit up to Rs 10 lakh is provided by Member Lending Institutions (MLIs) i.e. Scheduled Commercial Banks (SCBs), Non-Banking Financial Companies (NBFCs) and Micro Finance Institutions (MFIs).
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