MoU Signed Between Ministry of Culture and Canara Bank to Aid Veteran Artists
In a significant development for the arts and culture community, the Ministry of Culture and Canara Bank joined forces by signing a Memorandum of Understanding (MoU) on June 28, 2023. This partnership aims to facilitate the provision of financial assistance to veteran artists under the “Scheme for Financial Assistance for Veteran Artists,” previously known as the “Scheme for Pension and Medical Aid to Artists.”
The core components of this collaboration include the seamless transfer of funds to selected beneficiaries and the transparent utilization of allocated resources. Let’s delve into the key aspects of this MoU:
1. Digital Master Data Management: The Ministry of Culture will upload the master data of selected beneficiaries, including both fresh and legacy data, onto an online portal developed by Canara Bank for this specific purpose.
2. Quarterly Fund Requirement: Canara Bank, in accordance with the scheme’s guidelines, will calculate the quarterly requirement of funds and submit a demand to the Ministry for the same.
3. Timely Disbursement: Upon receiving the fund demand from Canara Bank, the Ministry will release the required amount on a quarterly basis, ensuring a consistent flow of financial support. Canara Bank, in turn, will disburse these funds on a monthly basis to eligible beneficiaries.
4. Eligibility Criteria: This initiative is targeted at artists aged 60 years and above who have made significant contributions to the realm of art and culture during their active years. To qualify, their annual income must not exceed Rs. 48,000.
5. Application Process: Eligible artists can apply for assistance through the Art & Culture Department of their respective State Government/Union Territory or through the Zonal Cultural Center.
6. Allocation for 2023-24: A substantial allocation of Rs. 26.00 crore has been earmarked in the Budget Estimate for the fiscal year 2023-24, underscoring the government’s commitment to supporting the artistic community.
7. Direct Fund Transfer: To ensure transparency and the efficient utilization of funds, the scheme guidelines emphasize the direct transfer of the allocated amount to the bank accounts of selected beneficiaries.
This collaborative effort between the Ministry of Culture and Canara Bank is poised to make a significant impact on the lives of veteran artists who have dedicated their talents to enriching India’s cultural landscape. By streamlining the disbursement of financial assistance and adhering to stringent guidelines, this initiative aims to provide much-needed support to artists in their golden years.
The Minister of Culture, Tourism, and Development of the North-Eastern Region, Shri G Kishan Reddy, unveiled these details in a statement made in the Rajya Sabha, highlighting the government’s commitment to promoting and preserving the rich cultural heritage of India while recognizing the valuable contributions of its veteran artists.
In our next article we will cover application process in details