An MoU has been signed between the Ministry of Culture and Canara Bank on 28.06.2023 for disbursal of financial assistance to the selected beneficiaries under the “Scheme for Financial Assistance for Veteran Artists” earlier known as “Scheme for Pension and Medical Aid to Artists”.
As per the MoU, master data of selected beneficiaries both for fresh as well as legacy data is to be uploaded by the Ministry in the online portal to be developed by the Canara Bank for this purpose. Based on the scheme guidelines Canara Bank is required to work out the quarterly requirement of funds and raise the demand for the same to the Ministry.
Upon receipt of demand of funds from Canara Bank, the same will be released in advance on quarterly basis by the Ministry to the Bank for releasing the same on monthly basis to the eligible beneficiaries.
An artist aged 60 years and above who have contributed in the field of art and culture in their active age and whose annual income is not more than Rs. 48,000/- can apply under the scheme either through Art & Culture Department of concerned State Government/UT or Zonal Cultural Center.
Release of financial assistance on monthly basis to the eligible beneficiaries is one of the main objectives of the MoU entered with Canara Bank. Under this scheme an amount of Rs. 26.00 crore has been allocated in B.E. for the year 2023-24.
To ensure transparency and efficient utilization of funds, the scheme guidelines provides for direct transfer of amount to the account of selected beneficiaries.
