Culture Ministry, Canara Bank sign MoU for financial assistance to artists

A Memorandum of Understanding was signed between the Ministry of Culture and a PSU bank on Wednesday for the disbursal of financial assistance to veteran artists, officials said.

The ministry administers a 'Financial Assistance for Veteran Artists' scheme under which financial assistance of Rs 6,000 per month is provided to artists and scholars above the age of 60, who have contributed significantly in their specialised fields of performing arts and culture in their active age or are still contributing, but due to old age, they are facing difficulty and are in penury condition.

Currently, under the scheme, disbursal of financial assistance in respect of artists selected before 2017 is made through the LIC while for the artists approved post-2017, it is made directly by the ministry, according to an official statement issued by the ministry.

It has been noted that the receipt of documents from the beneficiaries often gets delayed resulting in disbursal of the amount as a lump sum instead of being released on a regular basis, it said.

"With the signing of the MoU with Canara Bank, in a period of approximately two months post streamlining of the process, disbursal of financial assistance to the veteran artists would commence on a monthly basis, also ensuring redressal of long pending grievances of beneficiaries," the ministry said.

This initiative is reflective of the Culture Ministry's commitment to "constantly improve" the interface with the artists' community and the services provided to them.

Canara Bank, one of the leading PSU Banks, has expressed their sincere commitment to ensuring the smooth and continuous disbursal to the veteran artists given their experience of handling many schemes for the various ministries of the government of India, the statement said.