29 Apr 2023 Mahila Samman Saving Certificate (MSSC)
Mahila Samman Saving Certificate (MSSC)
This article covers “Daily Current Affairs” and the topic details “Mahila Samman Saving Certificate (MSSC)”. The topic “Mahila Samman Saving Certificate (MSSC)” has relevance in the Governance section for the UPSC CSE exam.
Relevance of the topic “Mahila Samman Saving Certificate (MSSC)”
For Prelims:
What is Mahila Samman Saving Certificate (MSSC)?
What are the features of the scheme?
For Mains:
GS 2: Governance
What is the significance of the financial inclusion of women?
Why in the news?
The Prime Minister has urged women to enroll in Mahila Samman Saving Certificate (MSSC).
What is a Mahila Samman Saving Certificate (MSSC)?
The Mahila Samman Savings Certificate is a one-time savings scheme for women announced by the government in Budget 2023.
What are the aims and objectives of the Mahila Samman Saving Certificate (MSSC)?
Its main objective is to encourage women’s involvement in investment and enhance their financial inclusion.
This scheme aims to empower women by providing them with a secure and reliable investment option that can help them meet their financial goals.
By promoting women’s financial independence and literacy, this program can also help to strengthen their overall socioeconomic status.
What are the features of the scheme?
- Guaranteed return: Being a government government-supported scheme it offers a guaranteed rate of return.
- Low Deposit limits: A minimum amount of Rs. 1,000 or any other amount in multiples of Rs. 100.
- Maturity: The scheme comes with a lock-in period of two years.
- Partial withdrawal: The scheme also offers a partial withdrawal facility to withdraw your balance before maturity.
What is the significance of the financial inclusion of women?
- Empowerment of Women: It empowers women to take control of their financial lives, enabling them to save money, invest, and make informed financial decisions.
- Economic well-being of the family: With women becoming part of the financial system it leads to financial autonomy and the women are in a state to take control of their lives and family at large.
- Reduce gender disparities in income and wealth.
- Promote gender equality
- Improve women’s access to education and healthcare.
- Reduce the vulnerability of women related to poverty, and strengthen their overall socio-economic status.
Therefore, this scheme will aid in promoting financial inclusion for women. Financial inclusion is crucial for achieving sustainable development goals and creating a more equitable and just society.
Sources:
https://pib.gov.in/PressReleasePage.aspx?PRID=1920674
https://www.etmoney.com/learn/saving-schemes/mahila-samman-saving-certificate/
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