On June 28, 2023, the Ministry of Culture and Canara Bank entered into a Memorandum of Understanding (MoU) to facilitate the distribution of financial aid to veteran artists under the “Scheme for Financial Assistance for Veteran Artists.” This scheme, overseen by the Ministry of Culture, aims to provide monthly financial assistance to artists and scholars above the age of 60, recognizing their invaluable service and enabling them to lead a dignified life in their old age.
Financial Assistance for Veteran Artists:
- Monthly Financial Assistance: The scheme grants a monthly financial assistance of Rs. 6000 to veteran artists and scholars above the age of 60. This assistance aims to alleviate their financial burdens and ensure a comfortable livelihood in their golden years.
- Recognition of Contributions: The scheme acknowledges the significant contributions of veteran artists and scholars to the field of art and letters. It aims to honor their invaluable service and dedication by providing them with the financial support they deserve.
Streamlining Disbursement Process:
- Previous Disbursement Process: Under the existing scheme, financial assistance for artists selected before 2017 was disbursed through the Life Insurance Corporation (LIC). For artists approved after 2017, the assistance was directly provided by the Ministry of Culture.
- New Arrangement with Canara Bank: The Memorandum of Understanding between the Ministry of Culture and Canara Bank seeks to streamline the disbursement process. It aims to address the issue of delayed document submissions from beneficiaries, which often resulted in lump sum payments instead of regular monthly disbursements.
- Timely Disbursement: With the new arrangement, the Ministry of Culture anticipates that disbursal of financial assistance will commence on a monthly basis within two months. This streamlined process will ensure that veteran artists receive regular and timely financial support.
Eligibility Criteria:
- Significant Contribution to Art and Letters: To be eligible for assistance under the scheme, the applicant’s contribution to art, letters, or other relevant fields must be of significant importance. This criterion recognizes the valuable impact of their work on society and culture.
- Eligibility for Traditional Scholars: Traditional scholars who have made significant contributions in their respective fields will also be eligible for financial assistance, regardless of the absence of any published work. This inclusion ensures that all deserving individuals receive support and recognition.
- Income Limitation: The personal income of the applicant must not exceed Rs. 4,000 to be eligible for financial assistance. This criterion ensures that the support is provided to those who genuinely require it to lead a dignified life in their old age.