India 2018

256 India 2018
of cooperative banks and RRBs and RBI in respect of commercial banks. A new
scheme for KCC has been circulated by RBI and NABARD which provides for
KCC as an ATM card which can be used at ATM/Point of Sale (POS) terminal.
Rural Infrastructure Development Fund
The Central Government established a fund to be operationalised by NABARD
namely, the Rural Infrastructure Development Fund (RIDF), which was set-up
within NABARD by way of deposits from Scheduled Commercial Banks
operating within the country from the shortfall in their agricultural/priority
sector/weaker sections lending. The fund has since been continued, with its
allocation being announced every year in the Union Budget. Over the years,
coverage under the RIDF has been broad based, in each tranche, and at present,
a wide range of 34 activities are financed under various sectors.
Life Insurance Corporation of India
Life Insurance Corporation of India (LIC) was established by an Act of
Parliament called the Life Insurance Corporation of India Act, 1956. It is
governed by the Insurance Act, 1938, LIC Act, 1956, LIC Regulations, 1959 and
Insurance Regulatory and Development Authority Act, 1999. As on March 31,
2016, LIC has 08 zonal offices, 113 divisional offices, 2,048 branch offices, 73
customer zones, 1,401 satellite offices and 1,240 mini offices in the country. LIC
is present in 14 countries abroad through branch offices/joint ventures
companies and wholly owned subsidiary.
Aam Aadmi Bima Yojana
For the benefit of the weaker sections of the society, Government of India floated
a highly subsidized insurance scheme, viz., Aam Aadmi Bima Yojana (AABY)
which is administered through Life Insurance Corporation of India. Under this
social security scheme below poverty line (BPL) and marginally above poverty
line citizens are covered under 48 identified occupations. The scheme provides
death cover of ` 30,000/- in case of natural death. In case of death or total
disability (including loss of two eyes/two limbs) due to accident, a sum of
` 75,000/- and in case of partial permanent disability (loss of one eye/limb)
due to accident, a sum of ` 37,500/- is payable to the nominee/ beneficiary. All
these benefits are paid for a nominal premium of ` 200/- per member per annum,
out of which ` 100/- is borne by the central government through Social Security
Fund maintained through LIC of India, and the balance premium of ` 100/- is
borne by the member and/or nodal agency and/or central/state government
department which acts as the nodal agency. In addition, there is an add on
benefit of scholarship at the rate of ` 1,200/- per annum per child for two children
per family of the insured members studying from 9th to 12th standard (including
ITI courses).
Social Security Schemes
Atal Pension Yojana
The Atal Pension Yojana (APY) was launched in May, 2015, to address the
longevity risks among the workers in unorganised sector who are not covered