The Memorandum of Understanding (MoU) signed between the Ministry of Culture and Canara Bank aims to benefit veteran artists in the following ways:

• Monthly disbursal of assistance: The MoU ensures that veteran artists receive monthly financial assistance directly into their bank accounts. This will provide them with a stable source of income to meet their ongoing expenses.
• Convenience and transparency: The collaboration with Canara Bank allows for hassle-free and transparent disbursement of funds. Artists will have ease of access to their funds and can track their financial transactions.
• Financial stability: Regular monthly payments will bring financial stability to veteran artists, enabling them to focus more on their creative pursuits without worrying about their day-to-day expenses.
• Accessibility: Canara Bank has a wide network of branches across India. This means that even artists residing in remote areas can easily open bank accounts and receive the benefits of this assistance programme.
• Social security: Through this partnership, veteran artists will be provided with a sense of social security and recognition for their contributions to the cultural heritage of the country.

Overall, the MoU signed between the Culture Ministry and Canara Bank aims to provide financial support, convenience, and stability to veteran artists, ensuring their well-being and recognition for their invaluable artistic contributions.